IT People to raise funds through GDR issue

IT People India Ltd has announced that the Board of Directors of the Company at its meeting held on April 04, 2009, inter alia, has approved the opening of the Global Depository Receipts (GDR) issue in aggregate and equivalent up to 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 and the said issue is duty approved by the Board of Directors at their Meeting held on March 13, 2009. The approval of the Members for the said issue was obtained in the Meeting of the Shareholders held on November 12, 2007.

The proposed issue shall be priced according to SEBI amended guidelines dated November 27, 2008 for the minimum floor price requirement of GDR/FCCB issues under FDI scheme (Through Depository Receipt Mechanism Scheme,1993) issued by the Joint Secretary to the Government of India.

The stock was trading at Rs.6.04, up by Rs.0.28 or 4.86%. The stock hit an intraday high of Rs.6.04 and low of Rs.5.99.

The total traded quantity was 4113 compared to 2 week average of 12033.

Source : Equity Bulls

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