Proto Developers to issue 50 crore shares

Proto Developers & Technologies Ltd has announced that the Board of Directors of the Company at its meeting held on October 16, 2009, has decided to issue 50,00,00,000 (Fifty Crores) Equity Shares of Re. 1/- each at a premium of Re. 1/- per share amounting to Rs. 100 Crores on preferential basis to the allottees (non promoter / non promoter group) to part finance the acquisition of a Fashion Technology Park (FTP) project at Chandigarh, at an estimated outlay of Rs. 675 Crores, subject to the approval of the shareholders of the Company.

The stock closed the day at Rs.1.73, up by Rs.0.08 or 4.85%. The stock hit an intraday high of Rs.1.81 and low of Rs.1.70.

The total traded quantity was 161122 compared to 2 week average of 50545.

Source : Equity Bulls

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