Plethico Pharmaceuticals to raise $100 million

Plethico Pharmaceuticals Ltd has announced that the Board of Directors of the Company at its meeting held on March 24, 2010, has decided to raise up to US$ 100 Million equivalent to Indian rupees from the already Members approved limit US$ 40 Million equivalent to Indian rupees 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.

For the above purpose, the Extra-ordinary General Meeting of the Company is proposed to be held on April 19, 2010.

The stock was trading at Rs.388.70, up by Rs.30.80 or 8.61%. The stock hit an intraday high of Rs.404.40 and low of Rs.367.50.

The total traded quantity was 140959 compared to 2 week average of 34912.

Source : Equity Bulls

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