Educomp Solutions to raise US$ 500 Million

Educomp Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on April 23, 2008, inter alia, have authorized the issue and allotment of securities including equity shares and / or instruments convertible into equity shares of the Company and / or foreign currency convertible bonds and / or global depository receipts and / or American Depository Receipts, up to an aggregate principal amount of US$ 500,000,000 (United States Dollars Five Hundred Million) or its rupee equivalent (the "Securities"), to be subscribed in foreign currency or rupees, as the case may be, such issue and allotment to be made in one or more tranche(s), on such terms and conditions as may be decided and deemed appropriate by the Board at the time of issue or allotment.

Further, for the purpose of giving effect to the aforesaid resolution, the Board has constituted a committee to do all such acts, deeds, matters and things as such Committee may, deem necessary or desirable for the purpose of the issue of the Securities, including appointment of any intermediaries and / or advisors in respect of the proposed issue of Securities, and execution of any agreements and / or documents in respect of the proposed issue of Securities.

The stock was trading at Rs.4112.50, down by Rs.22.55 or 0.55%. The stock hit an intraday high of Rs.4210 and low of Rs.4070.

The total traded quantity was 110701 compared to 2 week average of 72017.

Source : Equity Bulls

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