Shri Lakshmi Cotsyn to raise Rs.50 crores through issue of SRNCDs to UTI Bank

Shri Lakshmi Cotsyn Ltd has announced that the Board of Directors of the Company at its meeting held on July 13, 2007 has decided to avail the financial assistance of Rs 50.00 Crores from UTI Bank Ltd by way of subscription to privately placed Secured Redeemable Non-Convertible Debentures (SRNCDs) in accordance with the provisions of the Companies Act, 1956 and also provisions of any other applicable laws, rules and regulations and the provisions of Memorandum & Articles of Association of the Company and the listing agreement and subject to such other approvals/consent of the appropriate authorities.

The stock closed the day at Rs.110, down by Rs.3.45 or 3.04%. The stock hit an intraday high of Rs.116 and low of Rs.109.30. The total traded quantity was 52262 compared to 2 week average of 52795.

Source : Equity Bulls

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