Omaxe to raise upto Rs 1800 crore

Omaxe Ltd has announced that the Board of Directors of the Company at its meeting held on June 08, 2009, inter alia, has considered and approved the proposal 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 Institutional 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 or otherwise such other class shares for an aggregate sum upto Rs 1800 Crores (Rupees One Thousand Eight Hundred Crores).

To increase in the Authorised Share Capital of the Company from Rs 210,00,00,000/- (Rupees Two Hundred Ten Crores) to Rs 360,00,00,000/- (Rupees Three Hundred Sixty Crores).

To increase in the limits of 24% for holding by the registered Foreign Institutional Investors (FIIs) upto 40%.

To make necessary alterations in the provisions of the Memorandum and Articles of Association of the Company, wherever required for the abovesaid purposes and to call Extra Ordinary General Meeting for the above purposes.

The stock closed the day at Rs.109.25, down by Rs.12.10 or 9.97%. The stock hit an intraday high of Rs.124.70 and low of Rs.109.25.

The total traded quantity was 275373 compared to 2 week average of 323740.

Source : Equity Bulls

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