Punjab Chemicals to raise Rs 200 crores

Punjab Chemicals & Crop Protection Ltd has announced that the Board of Directors of the Company at its meeting held on January 13, 2010, inter alia, has considered and approved raising of funds upto Rs. 200 crores (Rupees Two Hundred Crores) in one or more tranches through the issue of securities / foreign currency convertible bonds / qualified institutions' placement / convertible bonds and / or other securities convertible into equity shares, in the domestic / international markets, subject to necessary approvals.

Further, the Board has also approved convening of an Extra-ordinary General Meeting of the shareholders on February 08, 2010, for obtaining the approval of the shareholders for funds raising.

The stock closed the day at Rs.178.15, down by Rs.3.25 or 1.79%. The stock hit an intraday high of Rs.184.40 and low of Rs.177.05.

The total traded quantity was 10697 compared to 2 week average of 21058.

Source : Equity Bulls

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