Ashco Niulab to raise funds overseas

Ashco Niulab Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 05, 2009, inter alia, has approved the issue of Foreign Currency Convertible Bonds / American Depository Receipts/ Global Depository Receipts subject to consents sanctions and approval required from shareholders, stock exchanges, Reserve Bank of India and other regulatory body, if any.

In order to augment the issue of Foreign Currency Convertible Bonds / American Depository Receipts / Global Depository Receipts the board has also decided to increase the authorized capital from present Rs. 40,00,00,000/- (Rupees Forty Crore) to 100,00,00,000/- (Rupees One Hundred Crore).

The stock closed the day at Rs.11.23, down by Rs.0.59 or 4.99%. The stock hit an intraday high of Rs.12 and low of Rs.11.23.

The total traded quantity was 17648 compared to 2 week average of 146372.

Source : Equity Bulls

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