Rasoya Proteins EGM approves fund raising proposal

Rasoya Proteins Ltd has announced that the members at the Extra Ordinary General Meeting (EGM) of the Company held on April 19, 2007, inter alia, have passed the following resolutions:

1. To Raise Funds for financing the new Projects by way of issuing the Foreign Currency Convertible bonds (FCCB) / Global Depository Receipts (GDRs) / American Depository Receipts (ADRs) to the tune of US $ 20 million subject to the approval from the concern authorities.

2. To increase the borrowing powers from present Rs 200 Crores to Rs 300 Crores.

The stock was trading at Rs.125.30, up by Rs.2.95 or 2.41%. The stock hit an intraday high of Rs.126.90 and low of Rs.125. The total traded quantity was 59558 compared to 2 week average of 105502.

Source : Equity Bulls

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