Dewan Housing Finance Corporation Ltd approves QIP

Subsequent to the approval accorded by the Board of Directors of Dewan Housing Finance Corporation Ltd, at its meeting held on January 16, 2015 and the special resolution passed by the shareholders of the Company on February 23, 2015 by way of postal ballot for the QIP, the Finance Committee of the Company on February 24, 2015 has, inter alia passed resolution authorising the opening of the QIP on February 24, 2015 and approving the preliminary placement document dated February 24, 2015 in connection with the QIP, (the "Preliminary Placement Document").

The committee also gave its approval for the floor price of the QIP.

Further, the 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI ICDR Regulations, is February 24, 2015 and accordingly the floor price in respect of the aforesaid QIP, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI ICDR Regulations is Rs. 494.95 per Equity Share. Pursuant to Regulation 85 of the SEBI ICDR Regulations the Company may offer a discount of not more than 5% on the floor price so calculated for the QIP.

Shares of DEWAN HOUSING FINANCE CORPORATION LTD. was last trading in BSE at Rs.502.1 as compared to the previous close of Rs. 494.95. The total number of shares traded during the day was 90517 in over 5448 trades.

The stock hit an intraday high of Rs. 506 and intraday low of 498.5. The net turnover during the day was Rs. 45475526.

Source : Equity Bulls

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