India Infoline to raise funds for expansion plans

India Infoline Ltd has announced that the Board of Directors of the Company at its meeting held on April 25, 2007, inter alia, has decided the following:

1. To meets the funds requirements for growth of core business and expansion plans, proposes to make issue of equity warrants / equity shares with or without convertible warrants / convertible preference shares / preference shares with or without convertible warrants, by way of preferential allotment to the promoters / Institutional Investors (domestic and / or foreign) / Individuals / Corporate Bodies under the provisions of Section 81(1A) of the Companies Act, 1956 and SEBI (Disclosure and Investor Protection) Guidelines, 2000 and other applicable rules and regulations to the extent of aggregate amount not exceeding US$ 75 million.

2. The Board has appointed a Committee of Directors for doing necessary acts, deeds, things as deemed necessary and for carrying out the above including fixing the date of the shareholders meeting etc.

The stock closed the day at Rs.429.90, down by Rs.7.95 or 1.82%. The stock hit an intraday high of Rs.454 and low of Rs.422. The total traded quantity was 109181 compared to 2 week average of 176802.

Source : Equity Bulls

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