PTC India approves issue of 66665600 shares at Rs 75

PTC India Ltd has announced that in respect of the issue of Equity shares of face value Rs 10/- each of the Company ("Equity Share") to qualified institutional buyers under Qualified Institutions Placement in terms of Chapter XIII-A of SEBI DIP Guidelines for an amount of up to Rs 5,000 million, the duly authorized Committee of the Board of Directors of the Company has, at its meeting held on May 25, 2009, decided to close the Bid period and approved the issuance of 66,665,600 Equity Shares at a price of Rs 75 per Equity Share (including a premium of Rs 65 per Equity Share) aggregating to Rs 4,999,920,000 (Rupees Four hundred ninety nine crores ninety nine lakhs and twenty thousand).

The Company has further announced that the floor price in respect of the aforesaid Qualified Institutions Placement, based on the pricing formula as prescribed under Clause 13A.3.1 of Chapter XIII-A of SEBI DIP Guidelines is Rs 74.14 per Equity Share, and the relevant date for this purpose, in terms of Clause 13A.3.1(a) of Chapter XIII-A of SEBI DIP Guidelines is May 20, 2009.

The stock was trading at Rs.89.50, down by Rs.0.25 or 0.28%. The stock hit an intraday high of Rs.93 and low of Rs.89.05.

The total traded quantity was 1167123 compared to 2 week average of 1722055.

Source : Equity Bulls

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