Nissan Copper Board approves fund raising proposal

Nissan Copper Ltd has announced that the Board of Directors of the Company at its meeting held on January 15, 2010, inter alia, have approved the fund raising proposal, subject to the approval of members of the Company.

The Board approved proposal for raising additional funds by way of issue of GDR / FCCB to the extent of 34 million US Dollar instead of 20 Million US Dollar equivalent to approximately Rs. 160 Crores (Rs. One Hundred Sixty Crores Only) instead of Rs. 92 Crore (Rs. Ninety Two Crores).

The Board approved proposal to increase in investment Limit up to Rs. 200/- Crores instead of Rs. 100/- Crores in accordance with section 372A of the Companies Act, 1956.

The EGM notice approved in the earlier Board Meeting held on January 09, 2009, will be revised accordingly.

The stock was trading at Rs.37.80, up by Rs.1.80 or 5%. The stock hit an intraday high of Rs.37.80 and low of Rs.36.90.

The total traded quantity was 9054 compared to 2 week average of 24896.

Source : Equity Bulls

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