Walchandnagar Industries to raise Rs 200 crore

Walchandnagar Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 28, 2009, inter alia, has decided to raise long term funds by issue of further securities upto an amount of Rs. 200 Crores through a public issue and/or on a private placement basis and/or Qualified Institutional Placement within the meaning of Chapter VIII of the SEBI ICDR Regulations Subject to approval of the Shareholders of the Company in the Extra-Ordinary General Meeting.

The Board will convene an Extra-Ordinary General Meeting of the Shareholders of the Company on November 25, 2009 for seeking approval under Section 81(1A) and other applicable provisions if any, of the Companies Act 1956 and under the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The stock closed the day at Rs.207.50, down by Rs.1.45 or 0.69%. The stock hit an intraday high of Rs.212 and low of Rs.200.

The total traded quantity was 190400 compared to 2 week average of 387760.

Source : Equity Bulls

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