KBS Capital to raise funds

KBS Capital Management Ltd has announced that the Board of Directors of the Company at its meeting held on October 30, 2009, inter alia, has approved the following proposals.

The Board approved the offering and issue of QIPs / FCCBs / GDRs / ADRs or other permissible instruments upto US $ 15 Millions, subject to the approval of the shareholders.

The Board approved the increase of Authorized Share Capital from Rs. 7 Crore to Rs. 17 Crore and the alteration of the capital Clause of the Memorandum and Articles of Association of the Company.

The Board decided to take approval of shareholders for the issue of shares, increase in authorized capital and alteration in Memorandum and Articles of Association of the Company through postal ballot process.

The Board appointed Mr. Manish L. Ghia, Practising Company Secretary, Mumbai as scrutinizer to conduct the postal ballot process in fair and transparent manner.

The stock was trading at Rs.25.15, up by Rs.0.55 or 2.24%. The stock hit an intraday high of Rs.25.15 and low of Rs.24.70.

The total traded quantity was 20300 compared to 2 week average of 23713.

Source : Equity Bulls

Keywords