Jay Shree Tea to consider raising funds on Oct 14, 2010

Jay Shree Tea & Industries Ltd has announced that a meeting of the Board of Directors of the Company will be held on October 14, 2010, to consider raising funds for expansion/ acquisition in foreign currency through issue of Global Depository Receipts (GDRs) and / or American Depository Receipts (ADRs) convertible into Equity Shares, Qualified Institutions Placement, Foreign Currency Convertible Bonds (FCCBs) or Warrants convertible into depository receipts with underlying Equity Shares / Equity Shares ('Securities').

The Board will consider raising the FII Investment limit in the Company, subject to approval of the shareholders and raise the Borrowing Limits and permit the Company to create charge on the assets of the Company to secure such borrowings.

The Board will consider proposal to convene an Extra Ordinary General Meeting of the members of the Company on November 09, 2010 for obtaining the authority / approval of the members of the Company to issue the Securities, raise the FII limits.

The stock was trading at Rs.192.95, down by Rs.4.10 or 2.08%. The stock hit an intraday high of Rs.200.50 and low of Rs.192.30.

The total traded quantity was 0.70 lakhs compared to 2 week average of 1.97 lakhs.

Source : Equity Bulls

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