Fulford India raises funds 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.

The above amount is presently un-utilized in respect of the aforementioned purposes and is invested in fixed, deposits with Citibank.

The Board of Directors of the Company at its meeting held on July 24, 2007, inter alia, has considered and accepted, the resignation of Mr. Rodney Unsworth as Director of the Company and appointed Mr. Ashley Morris as Director, to fill in the casual vacancy caused by the resignation of Mr. Rodney Unsworth.

The stock closed the day at Rs.562.50, up by Rs.25.50 or 4.75%. The total traded quantity was 42393 compared to 2 week average of 15120. The stock hit an intraday high of Rs.574 and low of Rs.514.

Source : Equity Bulls

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