Escorts completes QIP Issue at Rs.112

Escorts Ltd has announced that the Board of Directors of the Company at its meeting held on July 04, 2007, has allotted 77,94,910 new Equity shares of Rs 10/- each at a price of Rs 112/- per share (inclusive of premium), aggregating to Rs 87,30,29,920/- and 61,455 - 4.25% Secured Convertible Debentures of Rs 10,000/- each, aggregating to Rs 61,45,50,000/- to the Qualified Institutional Buyers who have applied for the said Equity shares and Secured Convertible Debentures in the issue made by the Company by way of Qualified Institutional Placement in terms of Chapter XIII-A of SEBI (Disclosure and investor Protection) Guidelines, 2000.

The stock was trading at Rs.116, down by Rs.2.10 or 1.78%. The stock hit an intraday high of Rs.119 and low of Rs.114. The total traded quantity was 140557 compared to 2 week average of 125216.

Source : Equity Bulls

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