IL&FS Engineering and Construction Company Ltd approves preferential issue, QIP

The Board of Directors of IL&FS Engineering and Construction Company Ltd at its meeting held on July 02, 2015, has resolved the proposal to raise funds, subject to the approval of members of the Company and other statutory / regulatory approvals.

The Board approved proposal to issue up to 89 lakhs Equity Shares of Rs. 10/- each on a preferential basis at a price to be finalized as per the applicable SEBI Regulations to Infrastructure Leasing and Financial Services Limited and/ or IL&FS Financial Services Limited belonging to Promoter & Promoter Group, in view of its requirement of Capital to meet ongoing funding requirements.

The Board of Directors resolved to complete the process during the quarter ending September 2015 and authorized Executive Committee of Directors to undertake all steps required in this regard.

The Board also approved further issue for an amount up to Rs. 500 Crores by way of Qualified Institutional Placement / Rights Issue / Convertible Securities, or in any combination, to the eligible Investors in accordance with the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 (ICDR Regulations).

The timing, mode of issuance, pricing and exact quantum of the securities to be issued shall be decided by the Board of Directors.

Shares of IL&FS ENGINEERING AND CONSTRUCTION COMPANY LTD. was last trading in BSE at Rs.88.2 as compared to the previous close of Rs. 77.3. The total number of shares traded during the day was 265899 in over 3230 trades.

The stock hit an intraday high of Rs. 90.6 and intraday low of 77.15. The net turnover during the day was Rs. 22800215.

Source : Equity Bulls

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