Allcargo Global Logistics to raise $150 million

Allcargo Global Logistics Ltd has announced that the Board of Directors of the Company at its meeting held on October 29, 2009, inter alia, has considered and approved the raising of long term funds by issue of further securities upto an amount not exceeding US$ 150 Million equivalent to Rs 700 Crores (through a public issue and/or private placement basis and/or Qualified Institutional Placement and/or Foreign Currency Convertible Bonds or any one or more combination of the above pursuant to provisions of Section 81(1A) and all other applicable provisions of the Companies Act, 1956, provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009, Foreign Exchange Management Act, 1999 and all other applicable rules, regulations and guidelines and enabling provisions of the Memorandum and Articles of Association of the Company, the Listing Agreements and in such manner and on such price, terms and conditions as may be determined by the Board in accordance with the SEBI Guidelines or other provisions of the law.

The Board approved proposal of convening an Extra-Ordinary General Meeting of the Company on Monday, November 30, 2009 for seeking Members approval for the aforesaid fund raising proposal of the Company.

The stock was trading at Rs.849.50, up by Rs.11.70 or 1.40%. The stock hit an intraday high of Rs.851.90 and low of Rs.826.70.

The total traded quantity was 2846 compared to 2 week average of 3247.

Source : Equity Bulls

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