Quest Softech India Ltd board approves capital raising plans

The Board of Directors of Quest Softech India Ltd at its meeting held on Wednesday, January 25, 2023, has considered and approved Increase in Authorized Capital of Company, subject to approval from members in ensuing General meeting, to Rs 27 Crores (Twenty-Seven Crore Rupees).

The board approved limit for borrowings made by the company u/s 180(1)(c) w.r.t powers of Board to Borrow monies upto INR 300 Crores.

The board approved, subject to approval from members, borrowing of Unsecured Loans from certain Bodies Corporate upto INR 24 Crores, and to enter into Loan / Borrowing agreement having certain clauses which requires prior approval from shareholders.

The board approved fund raising of up to 48 Crores (Forty-Eight Crore Rupees) through Rights Issue as decided by the Board and resolved appointment of intermediaries and agencies involved in the issue and constituted a Rights Management Committee, to ensure smooth functioning of Rights Process and handle stakeholder grievances and submission with authorities.

The board approved transactions with related parties, upto an aggregate amount of INR 150 Crores, subject to prior approval from members.

Shares of Quest Softech (India) Ltd was last trading in BSE at Rs. 66.50 as compared to the previous close of Rs. 63.35. The total number of shares traded during the day was 275528 in over 329 trades.

The stock hit an intraday high of Rs. 66.50 and intraday low of 63.35. The net turnover during the day was Rs. 18224593.00.

Source : Equity Bulls

Keywords

QuestSoftechIndia INE989J01017 FundRaising Borrowing