Prakash Industries to raise upto Rs 500 crores

Prakash Industries Ltd has announced that in terms of the recommendation of the Board of Directors of the Company at its meeting held on July 04, 2009 and as approved by the shareholders at the Annual General Meeting of the Company held on August 01, 2009 to issue FCCBs / ADRs / GDRs / Equity Shares or any other securities convertible into Equity Shares for an amount not exceeding Rs. 500 crores, the Board of Directors of the Company at its meeting held on October 01, 2009, has approved the issue of Foreign Currency Convertible Bonds (FCCBs) to be listed on the Singapore Exchange Securities Trading Ltd. for an amount upto Rs. 500 crores or its equivalent in US Dollars and has decided to open the issue on October 05, 2009.

The Company has appointed Elara Capital PLC, London as the Sole Lead Manager for the proposed issue.

The stock was trading at Rs.156.35, down by Rs.2.85 or 1.79%. The stock hit an intraday high of Rs.160 and low of Rs.155.50.

The total traded quantity was 158498 compared to 2 week average of 585252.

Source : Equity Bulls

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