Mahindra Forgings to raise capital upto Rs 226 crore

Mahindra Forgings Ltd has announced that the Board of Directors of the Company at its meeting held on October 27, 2009, inter alia, has granted its in principle approval to raise capital to fund its requirements by way of issue of Equity Shares to the existing shareholders on right basis not exceeding Rs. 226 Crores. The Board has also constituted a committee and delegated the necessary powers to the Committee to decide about the modalities of rights issue.

The stock was trading at Rs.73.15, down by Rs.2.75 or 3.62%. The stock hit an intraday high of Rs.75 and low of Rs.72.55.

The total traded quantity was 11493 compared to 2 week average of 13547.

Source : Equity Bulls

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