BAG Films to raise $30 million through overseas issue

BAG Films & Media Ltd has announced that the Board of Directors of the Company at its meeting held on October 31, 2009, has approved the raising up to US $ 30 million by way of Global Depository Receipts (GDR)/ Foreign Currency Convertible Bonds and/or any other security in the international market(s) subject to statutory approvals as may be necessary / required by the Company. The Board has also approved the increase in Authorised Capital of the Company from Rs. 30 Crore to Rs. 40 Crore. The Board has also approved the draft notice of Extra-Ordinary General Meeting to be held to approve the above matters.

The stock was trading at Rs.13.80, up by Rs.0.87 or 6.73%. The stock hit an intraday high of Rs.13.80 and low of Rs.13.01.

The total traded quantity was 64977 compared to 2 week average of 61939.

Source : Equity Bulls

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