Share of Zuari Agro Chemicals added 3 percent intraday Tuesday on the back of fund raising plan.
The company at its meeting held on November 21 has considered and approved raising of funds for an amount not exceeding Rs 400 crore.
The company will raise funds by issue of equity shares and/or any other permissible securities convertible into equity shares through qualified institutional placement (QIP) or through any other permissible mode or a combination thereof in one or more tranches.
It is subject to approval of shareholders and such other approvals as may be required.
The Board has constituted a committee for implementation of the same.
The company had reported 299 percent jump in its Q2 net profit to Rs 53.52 crore against Rs 13.39 crore in the quarter ended June 2017.
At 11:22 hrs Zuari Agro Chemicals was quoting at Rs 564.05, up Rs 8.50, or 1.53 percent on the BSE.
Posted by Rakesh Patil
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