Jubilant Organosys to raise Rs 1000 crores

Jubilant Organosys Ltd has announced that the Board of Directors of the Company at its meeting held on January 21, 2010, inter alia, has accorded approval for raising additional capital through issue of Equity/ GDRs/ ADRs/ FCCBs or other equity related instruments or issue of equity or equity related instruments to Qualified Institutional Buyers (QIBs) of Rs. 1000 Crores subject to approval of members and other necessary approvals.

Dr. Inder Mohan Verma has been appointed as Additional Director of the Company. He will be an independent director.

In line with the continued strategy of enhancing the Company's focus as a Pharma and Life Sciences Company, the Board has in principle approved the Demerger of its Agri and Performance Polymer business into a separate Company for pursuing the growth prospects of both the businesses independently and efficiently. The detailed Demerger Scheme is expected to be approved in the Board meeting to be held in the first quarter of FY 2010-11.

The stock closed the day at Rs.331.05, down by Rs.13.65 or 3.96%. The stock hit an intraday high of Rs.353 and low of Rs.327.50.

The total traded quantity was 78320 compared to 2 week average of 73207.

Source : Equity Bulls

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