Essar Shipping Ports to raise $500 million

Essar Shipping Ports & Logistics Ltd has announced that the Board of Directors of the Company at its meeting held on May 27, 2010, inter alia, have approved issuance of Foreign Currency Convertible Bonds / Global Depository Receipts / American Depository Receipts / Optionally / Compulsorily Convertible Bonds / any other instruments convertible into shares of the Company upto an amount of USD 500 million.

The Company will seek the enabling approval of the members at the ensuing Annual General Meeting scheduled on July 24, 2010 for the aforesaid issue.

The stock closed the day at Rs.81.55, up by Rs.2.50 or 3.16%. The stock hit an intraday high of Rs.83.50 and low of Rs.78.80.

The total traded quantity was 279433 compared to 2 week average of 245782.

Source : Equity Bulls

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