Rainbow Papers to consider preferential issue to promoters

A meeting of the Board of Directors of Rainbow Papers Ltd will be held on March 21, 2011, to consider the issuance of 40,00,000 Equity Shares to the Promoters Group of the Company on preferential basis under SEBI (ICDR) Regulations, 2009.

The Board will also consider the issuance of 60,00,000 warrants to the Promoters Group of the Company on preferential basis, convertible in Equity Shares, under SEBI (ICDR) Regulations, 2009.

The Board will decide the day, date and time of Extra Ordinary General Meeting of the Company, to obtain the approval of the shareholders for the preferential issue of equity shares / convertible warrant / to Promoters group.

The Board is also expected to review the progress of the expansion program.

The stock closed the day at Rs.52.65, up by Rs.0.05 or 0.10%. The stock hit an intraday high of Rs.52.90 and low of Rs.52.05.

The total traded quantity was 0.26 lakhs compared to 2 week average of 0.49 lakhs.

Source : Equity Bulls

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