Akruti City to raise US$ 500 Million

Akruti City Ltd has announced that the Board of Directors of the Company at its meeting held on July 02, 2008, inter alia, has approved the proposal to raise funds through issue of securities including by way of issue of equity shares to Qualified Institutional Buyers in accordance with the provisions of Chapter XIII A of SEBI DIP Guidelines and / or Global Depository Receipts (GDRS) / American Depository Receipt (ADRS) / Foreign Currency Convertible Bonds (FCCB) or in any other combination thereof upto an amount not exceeding US $ 500 million, subject to the approval of the shareholders and SEBI, Government of India, Reserve Bank of India and all other appropriate authorities.

The stock closed the day at Rs.799.90, up by Rs.133.20 or 19.98%. The stock hit an intraday high of Rs.800 and low of Rs.625.05.

The total traded quantity was 71850 compared to 2 week average of 23236.

Source : Equity Bulls

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