Euro Ceramics to raise funds

Euro Ceramics Ltd has now announced with reference to the earlier annoucement dated October 15, 2009, that the Company has decided to take the approval of the shareholders through postal ballot process for fundraising and other proposal.

The Board seeks approval for increase the Authorised share capital from Rs. 35,00,00,000/- to Rs. 45,00,00,000/- and to alter the capital Clause V of the Memorandum of Association of the Company upon increase of authorised share capital.

The Board also approved offering and issue of QIPs / FCCBs / GDRs / ADRs or other permissible instruments upto US $ 25 millions in one or more tranches.

The Board approved offering and issue of 20,00,000 warrants carrying an option / entitlement to subscribe for equivalent number of Equity shares of Rs. 10/- each on preferential basis to promoter group at a price which shall not be less than the price arrived as per the SEBI guidelines for preferential issue.

The Board has appointed Mr. Manish L. Ghia, Practicing Company Secretary as scrutinizer to conduct postal ballot process in fair and transparent manner.

The stock was trading at Rs.40, down by Rs.0.20 or 0.50%. The stock hit an intraday high of Rs.40 and low of Rs.40.

The total traded quantity was 100 compared to 2 week average of 9901.

Source : Equity Bulls

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