Ramsarup Industries approves fund raising proposal

Ramsarup Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 15, 2007, inter alia, has considered and approved the following, subject to approval of shareholders in Extra Ordinary General Meeting:

1. Approved the fund raising program by way of FCCBs / ADRs / GDRs / QIP upto USD 50 million in One and / or various trenches.

2. Approved raising need based debt through ECB route.

3. Approved increase in Authorised Share Capital from existing Rs 25 crores to Rs 31 Crores in form of 60,00,000 Equity shares of Rs 10/- each by making suitable amendment in relevant Clauses of the Memorandum & Articles of Association of the Company.

4. In order to consolidate Company's position in wire industry catering power and infrastructure sector, the Board has approved putting up LRPC & other Special grade of wire facility at its existing site at Kalyani and new site at Durgapur with installed capacity of 79,000 MTPA.

Source : Equity Bulls

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