Great Offshore to raise Rs 1750 crores

Great Offshore Ltd has announced that the Board of Directors of the Company at its meeting held on February 19, 2010, inter alia, has decided to seek the approval of the Company in general meeting to raise funds not exceeding Rs 1750 crores in the from of equity shares, bonds or debentures, or other securities to augment the resources of the Company to provide for offering broad spectrum of services to upstream oil & gas producers to carry out exploration and production activities.

The Board also approved proposal, subject to the approval of the Company in General Meeting, to re-classify the existing preference share capital comprised in the Authorised Share Capital into 5 crores equity shares of Rs. 10/- each aggregating to Rs. 50 crores and 10 lakhs cumulative redeemable preference shares of Rs. 1000/- each aggregating to Rs. 100 crores.

The stock closed the day at Rs.415.35, down by Rs.0.75 or 0.18%. The stock hit an intraday high of Rs.419.10 and low of Rs.411.

The total traded quantity was 12717 compared to 2 week average of 17364.

Source : Equity Bulls

Keywords