Kiri Dyes and Chemicals to raise upto Rs 500 crores

Kiri Dyes and Chemicals Ltd has announced that the Board of Directors of the Company at its meeting held on May 22, 2010, has approved proposal to support the future growth plans of the Company through fund raising plan upto Rs. 500 crore by way of Qualified Institutional Placements (QIPs)/preferential allotment/ FCCB/GDR/ Right Issue / FPO etc. subject to approval of shareholders of the Company.

The Board will convene Extra Ordinary General Meeting of the Shareholders of the Company on June 26, 2010.

The stock was trading at Rs.671.25, up by Rs.6.50 or 0.98%. The stock hit an intraday high of Rs.690 and low of Rs.670.55.

The total traded quantity was 13390 compared to 2 week average of 11670.

Source : Equity Bulls

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