Phillips Carbon to raise Rs 100 crores through QIP

Phillips Carbon Black Ltd has announced that pursuant to the Resolution passed at Board of Directors Meeting held on March 11, 2010 and the Shareholders Resolution passed by Postal Ballot on April 16, 2010, the Board of Directors or a Committee of Board of Directors of the Company was inter alia authorized to issue securities by way of Qualified Institutional Placement under Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009.

The authorised Committee of the Board of Directors at its Meeting held on April 21, 2010 has accordingly approved the issue of fully paid up equity shares upto Rs. 100 crores by way of Qualified Institutional Placement at a minimum price of Rs. 200/- in compliance with Chapter VIII of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2009 and has decided to open the issue on April 23, 2010.

The stock closed the day at Rs.211.75, up by Rs.8.80 or 4.34%. The stock hit an intraday high of Rs.216.70 and low of Rs.204.

The total traded quantity was 252419 compared to 2 week average of 56924.

Source : Equity Bulls

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