Southern Ispat and Energy approves fund raising

Southern Ispat and Energy Ltd has announced that the Board of Directors of the Company at its meeting held on November 06, 2010, has approved the resolution of raising funds upto 100 Crores.

The Board approved alteration of MOA and AOA for increasing of Authorised Capital upto 160 Crores of the Company.

For getting the approval of shareholders for issuing additional shares the Board approved conducting of EGM on December 11, 2010 by way of Postal ballot.

The stock closed the day at Rs.12.57, down by Rs.0.46 or 3.53%. The stock hit an intraday high of Rs.13.49 and low of Rs.12.40.

The total traded quantity was 19.27 lakhs compared to 2 week average of 19.40 lakhs.

Source : Equity Bulls

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