S Kumars Nationwide clarifies on placement of equity shares

S. Kumars Nationwide Ltd has clarified with reference to closure of the bid period for the QIP along with necessary resolutions passed by the Committee of Directors, that the QIP was undertaken in terms of the shareholders' resolution dated July 28, 2010 which approved an issuance of equity shares of the Company through various modes including private placement for an amount not exceeding Rs. 500 crores (the "Shareholders' Resolution").

Accordingly, the Committee of Directors, in its resolution dated September 15, 2010 has decided to issue equity shares in the QIP for an amount not exceeding Rs. 231.5 crores including premium. The Board of Directors may continue to explore various options for raising the balance amount of funds as approved in the Shareholders' Resolution.

The stock was trading at Rs.80.25, up by Rs.0.80 or 1.01%. The stock hit an intraday high of Rs.81.10 and low of Rs.79.70.

The total traded quantity was 2.16 lakhs compared to 2 week average of 4.70 lakhs.

Source : Equity Bulls

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