Amar Remedies to raise $60 million

Amar Remedies Ltd has announced that the Board of Directors of the Company at its meeting held on April 24, 2010, has accorded their approval to raise an additional funds by way of issue of FCCB/GDR/QIP/NCD/CCD to the extent of $60 million ($ Sixty million only).

The Board approved proposal to increase the Authorised Share Capital of the Company from existing Rs. 28 Crores (Rupees Twenty Eight Crores) to Rs. 50 Crores (Rupees Fifty Crores Only) and approved the Employees Stock Option Scheme (ESOS) under which options carrying right to acquire up to 10 lacs (Ten Lacs Only) Equity Shares of the Company.

The Board of Directors has decided to obtain shareholders' approval for the above through Postal Ballot.

The stock was trading at Rs.64.30, down by Rs.0.10 or 0.16%. The stock hit an intraday high of Rs.65.30 and low of Rs.64.

The total traded quantity was 24172 compared to 2 week average of 181414.

Source : Equity Bulls

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