HSIL Ltd opens Qualified Institutions Placement of Equity Shares

Subsequent to the approval accorded by the Board of Directors of HSIL Ltd, at its meeting held on October 29, 2014 and the approval of the shareholders of the Company by way of a special resolution dated December 17, 2014 for the QIP, the Corporate Affairs Committee of the Company on March 09, 2015 has passed the resolutions regarding the QIP issue.

The Board authorised the opening of the QIP on March 09, 2015 and approved the preliminary placement document dated March 09, 2015 in connection with the QIP, (the "Preliminary Placement Document").

The Board also approved the floor price for the QIP.

The Company has further informed that the 'Relevant Date' for this purpose, in terms of Regulation 81(c)(i) of the SEBI ICDR Regulations, is March 09, 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. 412.53 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 HSIL LTD. was last trading in BSE at Rs.412.85 as compared to the previous close of Rs. 409.4. The total number of shares traded during the day was 15543 in over 972 trades.

The stock hit an intraday high of Rs. 418.9 and intraday low of 410.1. The net turnover during the day was Rs. 6427655.

Source : Equity Bulls

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