Pioneer Investcorp to raise funds through QIP issue

Pioneer Investcorp Ltd has announced that the Board of Directors of the Company at its meeting held on November 17, 2007, has approved to raise a sum upto Rs 335 crores by way of issue of Equity Shares or Warrants on preferential basis to Promoters / other investors and also by way of issue of Equity Shares to Qualified Institutional Buyers (QIBs) through Qualified Institutional Placement as per the provisions of SEBI (DIP) Guidelines. (It may be noted that the Members of the Company has passed a Special Resolution through Postal ballot on August 06, 2007 approving the issue of Securities to Qualified Institutional Buyers as per the provisions chapter XIIIA of SEBI (DIP) Guidelines.)

The Board has called for an Extra Ordinary General Meeting of the Company on December 18, 2007 for seeking the members approval for the issue of Securities on preferential basis as per the provisions of SEBI (DIP) Guidelines and for other related matter.

The stock closed the day at Rs.650, down by Rs.34.20 or 5%. The stock hit an intraday high of Rs.718.40 and low of Rs.650.

The total traded quantity was 9900 compared to 2 week average of 27118.

Source : Equity Bulls

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