Dewan Housing to issue shares to QIBs worth Rs 300 crore

Dewan Housing Finance Corporation Ltd has announced that the Board of Directors by way of a circular resolution passed on June 04, 2009, inter alia, has considered and approved the placement of equity shares with Qualified Institutional Buyers (QIB) for an amount not exceeding Rs 300 crore, subject to the approval of the members of the Company.

The Board approved the issue of upto 1,00,00,000 equity shares on preferential allotment basis to the Promoters / Promoter Group, subject to the approval of the members of the Company.

For this purpose the Board has convened an Extraordinary General Meeting of the members of the Company on June 27, 2009 for seeking their approval.

The stock was closed the day at Rs.135.50, up by Rs.1.90 or 1.42%. The stock hit an intraday high of Rs.140.70 and low of Rs.129.35.

The total traded quantity was 103714 compared to 2 week average of 174832.

Source : Equity Bulls

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