IT People to raise Rs 50 Crores

IT People India Ltd has announced that the Board of Directors of the Company at its meeting held on March 13, 2009, inter alia, has approved the proposal to issue all or any of the instruments, viz. Equity Shares / Warrants / Foreign Currency Convertible Bonds (FCCBs) / Partly Convertible Debentures (PCDs) / Optionally Convertible Debentures (OCDs) / Fully Convertible Debentures (FCDs), Debentures attached with warrants whether secured or unsecured / Global Depository Receipt (GDRs) / American Depository Receipt (ADRs) / Bonds / any other equity related instruments with or without warrants in aggregate and equivalent upto Rs 50,00,00,000/- (Rupees Fifty Crores) for cash or equivalent to cash in one or more tranches on a preferential basis pursuant to SEBI (DIP) Guidelines, 2000.

The proposed issue shall be subject to approval of members which Company has obtained on November 12, 2007 at a duly convened EOGM for the said purpose.

The proposed issue shall be subject to SEBI new guidelines of November 21, 2008 for the minimum floor price requirement of GDR / FCCB issues under FDI scheme (Through Depository Receipt Mechanism Scheme, 1993).

The stock closed the day at Rs.4.26, up by Rs.0.16 or 3.90%. The stock hit an intraday high of Rs.4.29 and low of Rs.3.90.

The total traded quantity was 34469 compared to 2 week average of 11231.

Source : Equity Bulls

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