Teledata Informatics to raise Rs 500 Crores through QIP

The Board of Directors of Teledata Informatics Ltd at its meeting held on February 20, 2008, inter alia, has transacted the business of issuing shares under QIP and unanimously passed the resolution.

The Board has approved, subject to approval of the Shareholders at the EGM, to raise an amount up to Rs 500 Crores by way of Qualified Institutional Placement (QIP) of equity shares to Qualified Institutional Buyers at a price not less than the price arrived at in pursuance of Chapter XIIIA of SEBI (DIP) Guidelines.

To convene an Extraordinary General Meeting of the Company on March 19, 2008 to approve the Qualified Institutional Placement up to Rs 500 crores in pursuance of Chapter XIIIA of SEBI (DIP) Guidelines.

The Board also approved the Draft Notice convening the EGM.

The stock was trading at Rs.21.60, down by Rs.0.25 or 1.14%. The stock hit an intraday high of Rs.23.10 and low of Rs.21.30.

The total traded quantity was 1743420 compared to 2 week average of 758272.

Source : Equity Bulls

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