Educomp Solutions Ltd to raise US$ 500 Million

Educomp Solutions Ltd has announced that Shareholders on May 24, 2008 through postal ballot approved the following Raising of funds upto USD 500 million through ADR / GDR / FCCB / QIP.

Increase in authorized Share Capital from Rs 20 Crores to Rs 25 Crores.

Accordingly Board of Directors in its meeting held on June 02, 2008 has decided to raise up to USD 250 million through issue of Global Depository Receipts ("GDR issue") - including a green shoe option (if any) of up to 15% of the size of the issue with modified end use to be approved by the Shareholders in the forthcoming Annual General Meeting.

The stock was trading at Rs.3908, down by Rs.52.90 or 1.34%. The stock hit an intraday high of Rs.4065 and low of Rs.3895.

The total traded quantity was 35055 compared to 2 week average of 25050.

Source : Equity Bulls

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