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MUMBAI: Gremach Infrastructure Equipments & Projects on Monday said it has dropped the proposal to come out with right issue, in view of the current marker condition.

Gremach board of directors had discussed several options for raising funds at its meeting held on December 19, 2008, the company said in a filing to the Bombay Stock Exchange.

However, looking at the present financial scenario, the board members had concluded not to consider the right issue proposal.

Shares of the company were trading at Rs 29.90, up 4.91 per cent in the afternoon trade on the BSE. - PTI

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