Transgene Biotek to raise Rs.500 crores

Transgene Biotek Ltd has announced that the Board of Directors of the Company at its meeting held on September 30, 2010, has decided to raise funds for the Company either from the International Markets through issue of Equity Shares/FCCBs/GDRs/ADRs and/or other securities (including debt instruments) to International investors and/or through domestic offerings to various investors either through an FPO/Preferential Issue/Rights Issue of Equity Shares or inter alia to the extent of Rs. 5000 million subject to the approval of the Shareholders of the Company and statutory approvals as are applicable in this regard.

The Board also approved proposal to increase the authorized capital of the Company from Rs. 20 Crores to Rs. 75 Crores.

The Board will convene the extraordinary general meeting of the company for obtaining the approval of the shareholders in this regard.

The stock was trading at Rs.57.80, up by Rs.0.90 or 1.58%. The stock hit an intraday high of Rs.60 and low of Rs.57.15.

The total traded quantity was 0.52 lakhs compared to 2 week average of 0.26 lakhs.

Source : Equity Bulls

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