United Breweries Board approves Rights Issue

United Breweries Ltd has announced that the Board of Directors of the Company at its meeting held on September 28, 2007, has approved to raise funds not exceeding Rs 425 Crore by way of issue of Equity Shares to the existing Equity Shareholders of the Company on "Rights" Basis in such ratio and other terms to be decided by the Committee of Directors formed for this purpose. The Board has authorized the Committee to do all acts, deeds, matters and things that are required to be done in connection with the proposed "Rights" Issue subject to such statutory / other approvals as may be required in this regard.

The stock closed the day at Rs.381.70, up by Rs.1.90 or 0.50%. The stock hit an intraday high of Rs.396 and low Rs.376.

The total traded quantity was 59210 compared to 2 week average of 49033.

Source : Equity Bulls

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