IT People India receives approval for GDR Issue

IT People (India) Ltd, a leading provider of IT products, solutions and services to the Capital & Commodities markets, announces it's proposed GDR issue to raise USD 25 million The Company has already received the in-principle approval from the Bombay Stock Exchange (BSE) and is in the process of filing its Offering Circular with the Luxemburg Stock Exchange.

The Company intends to use the proceeds from the GDR towards enhancing its product development plans and it's reach into new in India and overseas.

The Company will also be investing, as part of it's new initiatives, in Exchanges and in inorganic growth opportunities.

The stock closed the day at Rs.35.05, down by Rs.1.65 or 4.50%. The stock hit an intraday high of Rs.36.50 and low of Rs.34.95.

The total traded quantity was 7403 compared to 2 week average of 18753.

Source : Equity Bulls

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