Shree Ashtavinayak gains on getting board’s nod for fund raising plan

Shree Ashtavinayak Cine Vision is trading in the green on receiving its board’s approval for fund raising. The scrip is currently trading at Rs 68.95, up by 0.90 points or 1.32% on the BSE.

The stock opened at Rs 72 as compared to its previous close of Rs 68.05. Intraday, the counter touched a high and a low of Rs 72 and Rs 62.50 respectively.

So far, 5,10,805 shares of the company were traded on the BSE.

The stock touched its 52-week high of Rs 727 on August 19, 2009 and a 52-week low of Rs 61.55 on August 20, 2009.

The scrip has gained by 1.03% since the past one week and by 1.62% since the last one month.

Shree Ashtavinayak Cine Vision has decided to raise funds up to $150 million through Global Depository Receipts and / or American Depository Receipts and / or Foreign Currency Convertible Bonds (FCCBs) or any instrument or securities representing either equity shares and / or convertible securities linked to equity shares (including Qualified Institutional Buyers (QIBs) pursuant to SEBI (Issue of Capital and Disclosure Requirements Regulations, 2009.

The company has received an approval from its board of directors for the same at a meeting held on September 28, 2009.

Incorporated in 2001, Shree Ashtavinayak Cine Vision has a presence in entire value chain from production to exhibition of movies. The company has produced blockbuster movies such as Jab We Met, Golmaal-Fun Unlimited, Maine Pyaar Kyun Kiya and Bhagambhag.