Birla Cotsyn to raise funds

Birla Cotsyn (India) Ltd has announced that the Board of Directors of the Company at its meeting held on October 27, 2009, inter alia, has decided to raise funds upto an aggregate amount not exceeding USD 25 million by way of ADR / GDR, Foreign Currency Convertible Bonds, etc.

The Board approved increase in the Authorised Share Capital of the Company from Rs. 150 crore to Rs. 250 crore.

The consent of members of the Company for the above matters will be obtained through Postal Ballot pursuant to Section 192A of the Companies Act, 1956 read with the Companies (passing of the resolution by Postal Ballot) Rules, 2001.

The stock closed the day at Rs.0.97, up by Rs.0.04 or 4.30%. The stock hit an intraday high of Rs.0.97 and low of Rs.0.96.

The total traded quantity was 3530734 compared to 2 week average of 292768.

Source : Equity Bulls

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