Gateway Distriparks Ltd board approves fund raising of Rs. 150 crores

The Board of Directors of Gateway Distriparks Ltd at its meeting held today i.e. on Wednesday, 10 June 2020, has considered and approved the raising of funds up to an aggregate amount not exceeding Rs. 150 crores, subject to receipt of necessary approvals from shareholders, statutory, regulatory and other authorities, as applicable, by way of an issue of equity shares of the Company to the existing shareholders of the Company on a rights basis (Rights Issue), a Qualified Institutions Placement (QIP) and/or on preferential allotment basis, an issue of GDRs, ADRs, FCCBs, FCEBs and any other Securities in one or more combination thereof in accordance with the applicable provisions of the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and other applicable laws.

The board approved constitution of a committee of directors of the Company and authorizing such committee to determine and do all matters including calling for a General Meeting of the members of the Company in connection with issue of securities as mentioned above.

The board also approved appointment of ICICI Securities Limited as the sole Lead Manager for the above mentioned fund raising activities.

Shares of GATEWAY DISTRIPARKS LTD. was last trading in BSE at Rs.90.75 as compared to the previous close of Rs. 82.65. The total number of shares traded during the day was 50174 in over 1103 trades.

The stock hit an intraday high of Rs. 93.2 and intraday low of 86. The net turnover during the day was Rs. 4584498.

Source : Equity Bulls

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