Jay Shree Tea to seek shareholders approval for raising funds

Jay Shree Tea & Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 14, 2010, have decided to seek shareholders' approval by way of special resolution to offer / issue / allot equity shares / GDRs / ADRs / QIP / FCCB or Convertible Warrants under Section 81(1A) of the Companies Act, 1956, upto Rs. 100 crore.

The Board will also seek approval for raising investment limit by FIIs in the share capital of the Company upto 49% of its paid up share capital.

The Board has convened the EGM of shareholders of the Company on November 09, 2010 for this purpose.

The stock was trading at Rs.193.35, down by Rs.0.70 or 0.36%. The stock hit an intraday high of Rs.197 and low of Rs.191.80.

The total traded quantity was 0.36 lakhs compared to 2 week average of 1.73 lakhs.

Source : Equity Bulls

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