Vivimed Labs to raise funds

Vivimed Labs Ltd has announced that the Board of Directors of the Company at its meeting held on October 09, 2010, inter alia, has decided to raise funds through Global Depository Receipts (GDRs) and/or American Depository Receipts (ADRs) convertible into Equity Share and/or Foreign Currency Convertible Bonds (FCCBs) or Warrants convertible into depository receipts with underlying Equity Shares/Equity Shares ("Securities") and/or Qualified Institutional Placement upto an amount of US$ 25 million Inclusive of premium.

The Board approved increase in authorized share capital of the Company to Rs. 20 Crores.

The Board approved increase in FII Investment limits upto 49% of paid up Shares Capital.

The Board also approved proposal to call for an Extra-Ordinary General Meeting of members of the Company on November 06, 2010.

The stock was trading at Rs.332.05, up by Rs.3.65 or 1.11%. The stock hit an intraday high of Rs.341 and low of Rs.330.

The total traded quantity was 0.48 lakhs compared to 2 week average of 1.29 lakhs.

Source : Equity Bulls

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