Shree Ashtavinayak Board to consider raising fund of US$50 million

Shree Ashtavinayak Cine Vision Ltd has announced that a meeting of the Board of Directors of the Company will be held on July 02, 2007, inter alia, to consider the following:

1. To consider the matter relating to raise further funds by issue of securities on preferential basis as per SEBI guidelines 2000 to selected group or persons, QIP and through issue of GDRs / ADRs or FCCB or any combination thereof to the extent of USD 50 Million for the purpose of long term Working Capital requirements for expansion of business activities of the Company including Production and Distribution of Films in Vernacular Languages.

2. To plan for appropriate and optimum deployment of balance of the funds raised through IP0.

The stock closed the day at Rs.273.40, up by Rs.10 or 3.80%. The stock hit an intraday high of Rs.275 and low of Rs.266.40. The total traded quantity was 219250 compared to 2 week average of 715781.

Source : Equity Bulls

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