Spice Mobiles to raise upto Rs 700 crores

Spice Mobiles Ltd has announced that the Board of Directors of the Company at its meeting held on March 04, 2010, approved the the revised Scheme of Amalgamation of Spice Telemeters Pvt. Ltd. with Spice Mobiles Ltd. through a Scheme of Amalgamation.

The Board also approved raising of capital through Issuance of FCCB, GDR, QIP or other equity linked securities or securities convertible into equity, upto Rs. 700 Crores subject to shareholders and other necessary approvals.

The stock closed the day at Rs.41.70, down by Rs.1.15 or 2.68%. The stock hit an intraday high of Rs.43 and low of Rs.41.05.

The total traded quantity was 107678 compared to 2 week average of 137721.

Source : Equity Bulls

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