Fulford India raises Rs.40.25 crores through preferential issue

Fulford India Ltd has announced that the Company had raised Rs 40.25 crores by issuing 7,00,000 Equity shares of Rs 10/- each at a premium of Rs 565/- per share, to its promoters Dashtag. The funds were raised to provide capital in order to permit the Company to strengthen its position in the market and act on strategic business growth opportunities, as stated in the explanatory statement to the notice dated October 16, 2006 convening the Extra-ordinary general meeting of the Company on November 15, 2006.

The above amount is presently unutilized in respect of the aforementioned purposes and is invested in fixed deposits with Citibank, HDFC Bank and Canara Bank.

The stock was trading at Rs.570, down by Re.0.10 or 0.05%. The stock hit an intraday high of Rs.570 and low of Rs.570. The total traded quantity was 25 compared to 2 week average of 2880.

Source : Equity Bulls

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