Rathi Graphic Technologies Ltd to raise funds

The Board of Directors of Rathi Graphic Technologies Ltd at its meeting held on October 23, 2013, discussed and approved the increase of Authorised Share Capital of the Company from Rs. 18,50,00,000/- (Rupees Eighteen Crores Fifty Lakhs) divided into 1,85,00,000 (One Crore Eighty Five Lakhs) Equity Shares of Rs. 10/- (Rupees Ten) each to Rs. 30,00,00,000/- (Rupees Thirty Crore Only) divided into 3,00,00,000 (Three Crore) Equity Shares of Rs. 10/- (Rupees Ten) each, by addition thereto 1,15,00,000 (One Crore Fifteen Lakh) Equity Shares of Rs. 10/- (Rupees Ten) each ranking pari passu in all respect with existing equity shares of the Company.

The Board approved proposal to offer and issue (on such terms as is permitted by applicable law), equity shares, with or without detachable warrants (the Rights issue) for an amount not exceeding Rs. 15 crores (Rupees fifteen crores), excluding amount of warrants, if any, for cash to the existing shareholders of the Company, subject to approval of the shareholders.

The Board approved the appointment of Merchant Bankers and Legal Advisers for the proposed right issue.

The Board also approved the Notice of Extra Ordinary General Meeting along with Explanatory Statement pursuant to section 173 (2) of the Companies Act, 1956 scheduled to be held on November 23, 2013 at the registered office of the Company at 10.00 a.m. to transact the proposal to Increase Authorised Share Capital of the Company and to approve raising of funds by way of Rights issue.

Shares of Rathi Graphic Technologies Ltd was last trading in BSE at Rs.10.50, up by Rs.0.05 or 0.48%. The stock hit an intraday high of Rs.10.50 and low of Rs.10.

The total traded quantity was 2475 as compared to 2 week average of 1287.

Source : Equity Bulls

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