Arman Financial up 7% on fund raising plan approval

Moneycontrol BureauShare of Arman Financial Services rose 7.4 percent intraday Monday as company's board has approved fund raising plan.The company at its meeting held on July 8, has approved the issue of secured/ unsecured non-convertible debenture through private placement upto Rs 100 crore.It has also approved increase in the borrowing limit up to Rs 200 crore and creation of mortgage and or / charge on movable and or / immovable properties of the company, both present and future, for securing loan up to Rs 200 crore.The above proposals are subject to the approval of the shareholder of the company by way of passing the special resolutions through postal ballot.At 09:42 hrs Arman Financial Services was quoting at Rs 260.05, up Rs 7.65, or 3.03 percent on the BSE.Posted by Rakesh Patil