Vardhman Polytex Ltd approves preferential issue

The Board of Directors of Vardhman Polytex Ltd at its meeting held on October 25, 2011, has considered and approved the issue of upto 70,00,000 equity shares face value of Rs. 10/- each at cash at premium to financial investors, belonging to non-promoter group on preferential basis.

The Board approved raising of long terms finds for an amount not exceeding Rs. 300 crores by way of any mode as ADR/ GDR/ FCCB/ QIP.

The Board also approved increase in the Authorised Share Capital of the Company from Rs. 50 crore to Rs. 70 crores.

The above proposals are subject to the approval of shareholders.

The stock closed the day at Rs.92, down by Rs.0.50 or 0.54%. The stock hit an intraday high of Rs.94 and low of Rs.92.

The total traded quantity was 0.27 lakhs compared to 2 week average of 0.92 lakhs.

Source : Equity Bulls

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