Decolight Ceramics to raise up to Rs 50 crores

Decolight Ceramics Ltd has announced that the Board of Directors of the Company at its meeting held on February 16, 2010, inter alia, has approved the proposal to raise up to Rs. 50 Crore from the already Members approved limit of Rs. 30 Crore by way of Qualified Institutional Placement (QIP) and/or Global Depository Receipts (GDRs) and/or American Depository Receipts (ADRs) and/or Foreign Currency Convertible Bonds (FCCBs) and/or any other security in the domestic / international market(s) subject to statutory approvals as may be necessary / required by the Company.

The Board approved proposal to increase the Authorised Capital of the Company from Rs. 80 Crore to Rs. 100 Crore.

For the above purposes, to call and convene an Extra Ordinary General Meeting to be held on March 17, 2010as per the draft notice of Extra-Ordinary General Meeting approved by the Board.

The Board also authorised Shri Girishbhai M Pethapara, Chairman and Managing Director, to issue the notice convening the EGM as above.

The stock closed the day at Rs.11.45, down by Rs.0.43 or 3.62%. The stock hit an intraday high of Rs.11.90 and low of Rs.11.35.

The total traded quantity was 73750 compared to 2 week average of 521332.

Source : Equity Bulls

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