Manali Petrochemical Ltd approves raising of US$ 50 million

At the meeting held 27th September 2017 the Board of Manali Petrochemical Ltd has accorded its approval for fund raising not exceeding US$ 50 million through issue of further securities in the domestic or overseas markets by way equity shares / Global Depository Receipts / American Depository Receipts / Foreign Currency Convertible Bonds / Convertible Debt instruments, etc. in one or more tranches to meet the requirements to enhance its business activities both in the domestic and overseas market, through acquisition of existing companies, setting-up manufacturing infrastructure, focus on product development and introduce new products etc. across, various operating markets.

The details of the nature of the securities to be issued, the number, quantum and terms of issue and the related matters would be decided in due course for which the Board has constituted a Committee of Directors. The details will be intimated as and when the decisions are taken.

Shares of MANALI PETROCHEMICAL LTD. was last trading in BSE at Rs.32.4 as compared to the previous close of Rs. 33.1. The total number of shares traded during the day was 115684 in over 547 trades.

The stock hit an intraday high of Rs. 33.8 and intraday low of 32.3. The net turnover during the day was Rs. 3821346.

Source : Equity Bulls

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