Radha Madhav Corporation to allow foreign investment upto 30% of capital

Radha Madhav Corporation Ltd has announced about the following:

1. The board has decided to allow foreign investment upto 30% of paid up capital on expanded basis.

2. The board has taken into account the commercial production of Unit IV and is satisfied with initial performance. Although sales has been of Rs 11.80 million for a period 20 days from August 05, 2006 to August 24, 2006 and is convinced of elevating it to the tune of Rs 50 million in the month of September 2006, which is 1/3rd of the actual capacity.

3. The board has delegated powers to management committee for appointment for various agencies for FCCB and other financial instruments.

4. The Company has appointed WIPRO for implementation of SAP.

Source : Equity Bulls

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