Fulford India has announced that it had raised Rs 402.5mn by issuing 7, 00,000 equity shares of Rs 10 each at a premium of Rs 565 per share to its promoters Dashtag.
The funds were collected to provide capital in order to permit the Company to strengthen its position in the market and act on strategic business growth opportunities, as stated in the explanatory statement to the notice dated October 16, 2006 convening the Extra-ordinary general meeting of the company on November 15, 2006.
The above amount is presently unutilised in respect of the aforementioned purposes and is invested in fixed deposits with Citibank N.A.
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