RMCL Board hikes FII limit upto 30 per cent

Mumbai, Aug 30 (UNI) The board of Radha Madhav Corporation Limited (RMCL) has decided to allow foreign investment upto 30 per cent of paid up capital on expanded basis.

The decision to hike the FII limit was taken in the board meeting held on August 28, 2006.

decided to allow foreign investment upto 30 per cent of paid up capital on expanded basis.

Also, the board of RMCL has delegated powers to management committee for appointment of various agencies for FCCB and other financial instruments.

RMCL Managing Director Mitesh Agrawal said, ''We are raising fund through FCCB for our further expansion plans including setting up of the unit for the production of Pharma Packaging in Uttaranchal. We have got the board's approval to appoint the agencies for FCCB and we will finalise the same very shortly.'' The company has recently started operations at UNIT IV. Although Initial sales from the UNIT IV has been of Rs 1.18 crore for a period of 20 days starting from August 5, 2006, the RMCL Board is convinced of elevating it to the tune of Rs five crore in the month of September 2006, which is 1/3rd of the actual capacity.

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