Lancor Holdings to raise Rs 75 crore

Lancor Holdings Ltd has announced that the Board of Directors of the Company at its meeting held on October 21, 2009, inter alia, has approved the further issue of securities up to a value of Rs. 75.00 crores with domestic / International markets through various instruments including issuance of equity shares, warrants, convertible and non-convertible debentures under qualified institutional placements, private equity and other forms of capital raising instruments as, may be determined suitable by a committee of directors consisting of the Managing Director and one other director.

The Board has also authorized the same committee to call for an Extra-ordinary General Meeting of the company in accordance with the provisions of the Companies Act.

The Board has further authorized the committee of directors to take all steps for the appointment of merchant bankers, lead managers to the issue, legal advisors, chartered accountants / auditors for the purpose of conducting the various processes as outlined in laws applicable to capital issues and to report to the Board the outcome of their actions.

The Board meeting confirmed the appointment of Mrs. Mallika Ravi as Chief Executive Officer of the company with effect from the date of her joining viz September 17, 2009 and has issued instructions to the Managing Director to finalize the contract of her appointment, fix her responsibilities and her remuneration.

The Board also approved the appointment of Mr V K Ashok as Chief Operating Officer of the company with effect from his date of joining viz., October 19, 2009 and has authorized the Managing Director to outline his responsibilities and fix his remuneration.

The stock was trading at Rs.123, down by Rs.1.50 or 1.20%. The stock hit an intraday high of Rs.129 and low of Rs.122.15.

The total traded quantity was 85993 compared to 2 week average of 268388.

Source : Equity Bulls

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