Swan Mills to raise long term funds

Swan Mills Ltd has announced that the Board of Directors of the Company at its meeting held on February 12, 2010, inter alia, taken the decisions to increase the Authorised Share Capital of the Company from existing Rs. 19.25 crores to Rs. 100.25 crores and to alter the Capital Clause of the Memorandum & Articles of Association of the Company accordingly, subject to approval of the Shareholders of the Company in Extra-Ordinary General Meeting.

The Board approved proposal to raise long term funds by issue of further securities upto an amount of Rs. 300 Crores through public issue and/or on a private placement basis and/or Qualified Institutional Placement (QIP) within the meaning of Chapter VIII of the SEBI ICDR Regulations, subject to approval of the Shareholders of the Company in Extra Ordinary General Meeting.

The Board approved proposal to convene an Extra-Ordinary General Meeting of the Shareholders of the Company on March 11, 2010 for seeking approval of the shareholders as above.

The stock closed the day at Rs.151.80, up by Rs.0.35 or 0.23%. The stock hit an intraday high of Rs.158.90 and low of Rs.145.

The total traded quantity was 55834 compared to 2 week average of 22651.

Source : Equity Bulls

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