Gujarat Terce Laboratories to raise funds

Gujarat Terce Laboratories Ltd has announced that the Board of Directors of the Company at its meeting held on June 29, 2010, has decided to issue 32,80,200 Equity Shares of Rs. 10/- each at premium of Rs. 5/- per Equity Share in the ratio of 3:2 to existing shareholders on rights basis.

The Board also approved proposal to issue 25,00,000 warrant to promoters and other than promoters on a preferential basis at a price as per SEBI Guidelines applicable for such offerings.

The proceeds of above issues would be utilized to finance diversification programmes and to meet additional working capital requirement.

The stock closed the day at Rs.16.58, down by Rs.0.01 or 0.06%. The stock hit an intraday high of Rs.16.58 and low of Rs.15.80.

The total traded quantity was 35687 compared to 2 week average of 39508.

Source : Equity Bulls

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