Max India to raise Rs 450 crore through QIP issue

Max India Ltd has announced that the Board of Directors of the Company at its meeting held on July 01, 2009 approved the issuance of equity shares or any such instruments / securities to Qualified Institutional Buyers (QIBs) under Chapter XIII-A of the Securities and Exchange Board of India (Disclosure and Investor Protection) Guidelines, 2000, in one or more tranches, for an aggregate amount of up to Rs 450,00,00,000/- (Rupees Four hundred and fifty Crores only), subject to the approval of shareholders.

The Board has decided to convene an Extraordinary General meeting of the Shareholders of the Company on July 28, 2009 seeking their approval for the aforesaid purpose.

Further, the Board has rescinded its earlier decision taken on February 03, 2009 for issuance of equity shares up to an amount of Rs 650 Crores, on Rights basis with detachable warrants.

The stock was trading at Rs.210.35, down by Rs.1.70 or 0.80%. The stock hit an intraday high of Rs.218.40 and low of Rs.208.

The total traded quantity was 134103 compared to 2 week average of 139114.

Source : Equity Bulls

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