Gremach Infrastructure to raise US$75 million

Gremach Infrastructure Equipments & Projects Ltd has announced that the Board of Directors of the Company at its meeting held on June 23, 2007, with the approval of the Shareholders in the General Body Meeting of the Company has decided to increase the Authorized Share Capital of the Company. At present the authorized share capital of the Company is Rs 22,30,00,000 divided into 2,23,00,000 equity shares of Rs 10 each to Rs 32,30,00,000 dividend onto 3,23,00,000 equity shares of Rs 10/- each.

Further the Company has informed that, the Board in its meeting also recommended for the approval of shareholders of the Company at the Annual General Meeting of the Company a Special Resolution u/s 81(1A) for issue of Foreign Currency Convertible Bonds upto USD 75 million or equivalent in India and / or any other currencies.

The stock was trading at Rs.186, up by Rs.1.40 or 0.76%. The stock hit an intraday high of Rs.187.50 and low of Rs.182.75. The total traded quantity was 40550 compared to 2 week average of 773356.

Source : Equity Bulls

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