Easun Reyrolle to Raise Long Term Funds

Easun Reyrolle Ltd has announced that the Board of Directors of the Company at its meeting held August 22, 2007, has approved raising long term funds upto US $ 60 million in order to finance the Company's growth expansion and diversification plans in India and abroad. Directors decided to raise above funds through Indian and / or international markets by issue of Equity Shares / GDRs / ADRs / FCCBs / convertible bonds, etc. Directors are seeking shareholders consent for raising above funds under Section 81(1A)of the Companies Act, 1956 at the ensuing AGM fixed for September 28, 2007. Directors are also seeking Shareholders consent to increase the Boards borrowing limits under Section 293(1)(d) of the Companies Act, 1956 from the existing limit of Rs 20 crores to Rs 150 crores.

The Stock closed the day at Rs.207.25, down by Rs.9 or 4.16%. The stock hit an intraday high of Rs.224 and low of Rs.205.45. The total traded quantity was 91676 compared to 2 week average of 55416.

Source : Equity Bulls

Keywords