Visagar Polytex - Updates on Rights Issue

Visagar Polytex Ltd has informed BSE that the Company has filed the Draft Letter of Offer with SEBI on June 30, 2009 for issue of rights shares. The Company has proposed to raise Rs 55.8 million to fund its existing business operations & expansion plans via the proceeds of the 5:1 rights issue of 37,20,000 equity shares (rights issue of 5 shares for every share held) at Rs 15/- each (Rs 10/- face value plus Rs 5/- premium).