Parsvnath Developers to raise upto Rs 2500 crore

Parsvnath Developers Ltd has announced that the Board of Directors of the Company at its meeting held on May 23, 2009, has decided to raise funds by various means including through issuance of further securities to persons other than the existing equity Shareholders of the Company and also by way of Qualified Institutions Placement (QIP) to Qualified Institutional Buyers (QIBs) as provided under Chapter XIII A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000 for an aggregate sum upto Rs 2500 Crores (Rupees Two Thousand Five Hundred Crores) and to seek the approval of the Shareholders for the said purpose.

The stock was trading at Rs.88.50, up by Rs.7.70 or 9.53%. The stock hit an intraday high of Rs.88.85 and low of Rs.81.95.

The total traded quantity was 1579745 compared to 2 week average of 1044895.

Source : Equity Bulls

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