CESC Ltd to raise funds

The Board of Directors of CESC Ltd at its meeting held on September 22, 2014, has resolved to issue offer and allot, subject to the approval of the members of the Company in terms of the provisions of the Companies Act, 2013 and of other applicable laws, regulations etc., equity shares / fully convertible debentures / partly convertible debentures / non-convertible debentures with warrants / any other securities (collectively referred to as 'QIP Securities') to Qualified Institutional Buyers ('QIBs') on private placement bases as per the SEBI (ICDR) Regulations, 2009 whether or not such QIBs are members of the Company, at such time or times, in one or more tranche or tranches, at par or at such price or prices, and on such terms and conditions as may be determined later, provided that the aggregate amount to be raised by issue of QIP Securities shall not exceed a sum of US$150 million or rupee equivalent thereof.

At the aforesaid meeting, it has also been decided to hold a general meeting of the members of the Company for the above purpose on October 18, 2014.

In the aforesaid meeting, the Board has also decided to appoint Mr. Pratip Chowdhury as an Additional Director of the Company from October 01, 2014 and also as its Independent Director for a term of five years with effect from the said date.

Shares of CESC LTD. was last trading in BSE at Rs.774.4 as compared to the previous close of Rs. 764.9. The total number of shares traded during the day was 45354 in over 3095 trades.

The stock hit an intraday high of Rs. 781.8 and intraday low of 758.7. The net turnover during the day was Rs. 35022627.

Source : Equity Bulls

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