CTIL Ltd approves raising of $50 mn funds

The Board of Directors of CTIL Ltd at its meeting held on February 08, 2014, have considered and approved the plans for raising funds through GDR's upto US $50.00 Million for funding various business projects of the Company including the acquisition of the equity capital of Indian/Foreign companies. This is subject to approval of the shareholders of the Company.

The Board has approved the Postal Ballot Notice and Form, for the above purpose and has authorized Mr. K. Ramesh, Executive Director cum Compliance Officer and/ or Mr. N. V. Simhadri, Director of the Company to take necessary initiatives and complete the formalities for Postal Ballot and all others that may be necessary for raising the above funds.

Mr. Sanjeev Sharma has been appointed as Additional Director on the Board of Directors of the Company.

Shares of CTIL Ltd was last trading in BSE at Rs.4.03, up by Rs.0.18 or 4.68%. The stock hit an intraday high of Rs.4.04 and intraday low of Rs.3.72.

The total traded quantity was 1.49 lakh shares as compared to 2 week average of 1.36 lakh shares.

Source : Equity Bulls

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