Fulford India raises Rs.40.25 Crores through issue of shares to promoters

Fulford India Ltd has announced that the Company had raised Rs 40.25 Crores by issuing 7,00,000 Equity shares of Rs 10/- each at a premium of Rs 565/- per share, to its promoter Dashtag. The funds were raised to provide capital in order to permit the Company to strengthen its position in the market and act on strategic business expansion / acquisition / inorganic growth opportunities, as stated in the explanatory statement to the notice dated October 16, 2006 convening the Extra-ordinary general meeting of the Company on November 15, 2006.

The above amount is presently unutilized in respect of the aforementioned purposes and is invested in fixed deposits on January 23, 2007 with HDFC Bank for 91 days at 9% interest.

Source : Equity Bulls

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