Saamya Biotech to raise funds

Saamya Biotech India Ltd has announced that the Board of Directors of the Company at its meeting held on December 17, 2009 has decided to increase the Authorised Share Capital of the Company from Rs. 25 Cr. to Rs. 125 Cr. Subject to the approval of the members.

The Board approved issue, offer and allot further shares in all or any one or in combination of Equity Shares, GDRs, ADRs, Convertible Bonds / Debentures and / or other securities to the extent of USD 40 millions subject to approval of the members of the Company.

The Board also approved proposal to issue Equity Shares / Warrants on Preferential basis and conduct postal ballot to accord consent of the Members of the Company for the aforesaid business.

The stock was trading at Rs.10.83, up by Rs.0.98 or 9.95%. The stock hit an intraday high of Rs.10.83 and low of Rs.9.89.

The total traded quantity was 69337 compared to 2 week average of 224238.

Source : Equity Bulls

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