Rei Agro to raise $112.50 Million

Rei Agro Ltd has announced that the Board of Directors of the Company at its meeting held on November 04, 2009, inter alia, have resolved that the aggregate amount up to which Foreign Currency Convertible Bonds may be issued by the Company is USD 112.50 Mn (United States Dollars One Hundred and Twelve Million and Five Hundred Thousand only), in one or more tranches ("FCCB Issue").

For the purpose of giving effect to the board resolutions passed on October 23, 2009 and the board resolutions passed on November 04, 2009 in relation to the FCCB Issue, constituted a committee comprising Mr. Sandip Jhunjhunwala, Managing Director and Mr. A. Chatterjee, Director of the Company (the "Committee") to open the FCCB Issue, to finalize the offering circular for the FCCB Issue and to take any other decisions in relation to the FCCB Issue, including allotment of equity shares as may be required to issue, with reference to the above on behalf of the Board of Directors.

The Board resolved that the relevant date for the determination of minimum price at which the equity shares of the Company will be issued pursuant to the conversion of the FCCBs shall be the date of the meeting at which the Committee decides to open the FCCB Issue.

The stock closed the day at Rs.46.80, up by Rs.2.35 or 5.29%. The stock hit an intraday high of Rs.47.30 and low of Rs.44.10.

The total traded quantity was 483881 compared to 2 week average of 542316.

Source : Equity Bulls

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