Adlabs board approves Rights Issue of Rs 600 cr

Adlabs Films Ltd has informed BSE that the Board of Directors of the Company at its meeting held on August 12, 2009, has approved raising an amount not exceeding Rs 600 crore by way of Rights Offer of Equity Shares to the Company's Shareholders. The price and the record date for the rights issue have not yet been fixed.

Shares of Adlabs rose 4.17% in today's trade. Adlabs saw a low of Rs. 130 in Oct '08. It currently trades at 327 with a P/Book of 2.33. Currently, it is a loss making unit, but according to the company, that is not a problem since the topline has increased in the past 3 years with a CAGR of 80%. Click Here to read the Company's Press Release regarding the rights issue.
Uploaded at 8/13/2009 04:06:00 PM
by Chinmay
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