Panoramic Universal Board recommends right issue & dividend

Panoramic Universal Ltd has announced that the Board of Directors of the Company at its meeting held on August 30, 2007, inter alia, has considered, discussed and approved the dividend recommended at 20% on the paid up equity share capital of the Company i.e. Re 1/- per equity share aggregating to Rs 1,29,57,500/-.

The company is planning to raise funds through Right issue of 64,78,750 equity shares in the ratio of 1:2 at a price of Rs 85/- per share aggregating to Rs 55 crores approx.

The company also plans an Issue of 10,00,00,000 7% Cumulative, Non Convertible & Redeemable Preference shares of Rs 5/- each to promoter group Company / Person acting in concert on private placement basis.

The company is planning to raise funds through Issue of securities through Qualified Institutional Placement not exceeding Rs 200 crores and Issue of global depositary receipts / foreign currency convertible bonds / other securities not exceeding Rs 250 crores.

The stock was trading at Rs.117, up by Rs.6.45 or 5.83%. The stock hit an intraday high of Rs.125 and low of Rs.108.5. The total traded quantity was 36532 compared to 2 week average of 6834.

Source : Equity Bulls

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