Pipavav Shipyard to consider preferential issue of $70 million

Pipavav Shipyard Ltd has announced that a meeting of the Board of Directors of the Company will be held on April 07, 2010, inter-alia, to consider Issue of securities / instruments Convertible into fully paid equity shares of the Company on preferential basis in accordance with Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and other applicable laws up to an amount of US$ 70 million or Indian Rupees 3,250 million.

The stock was trading at Rs.73.75, up by Rs.0.60 or 0.82%. The stock hit an intraday high of Rs.74.40 and low of Rs.72.50.

The total traded quantity was 1423185 compared to 2 week average of 5683196.

Source : Equity Bulls

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