Akruti City to raise upto US$ 500 million

Akruti City Ltd has announced that the Board of Directors of the Company has, by a Circular Resolution dated June 04, 2009, decided to obtain the approval of the members under Section 81 (1A) of the Companies Act, 1956 to raise additional capital by various means including through issue of further securities to persons other than the existing members of the Company by various means including by way of Qualified Institutional Placement (QIP) to Qualified Institutional Buyers (QIBs) under the provisions of Chapter XIIIA of SEBI (Disclosure and Investor Protection) Guidelines, 2000 upto an amount not exceeding US $ 500 million or its Indian Rupee equivalent and to seek the approval of the members for the issue of securities as aforesaid through Postal Ballot.

The stock closed the day at Rs.601.85, up by Rs.17.35 or 2.97%. The stock hit an intraday high of Rs.613.70 and low of Rs.591.

The total traded quantity was 50920 compared to 2 week average of 41958.

Source : Equity Bulls

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