Beckons Industries to raise Rs 80 crore

Beckons Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2009, inter alia, has decided to raise additional funds to the tune of Rs. 80.00 Crore for expansion, diversification and acquisitions by way of issue of Convertible Warrants, Shares on Preferential basis, QIP, GDR and FCCB.

The Board also approved formation of a subsidiary Company for Research & development, setting up multi product pilot cum production unit for genetically engineered Biotherapentics with foreign collaborators. It was also decided to explore other areas of renewable energy.

The stock closed the day at Rs.7.45, down by Rs.0.15 or 1.97%. The stock hit an intraday high of Rs.7.84 and low of Rs.7.23.

The total traded quantity was 159427 compared to 2 week average of 106910.

Source : Equity Bulls

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