Educomp Solutions raises Rs 606.69 crore through QIP issue

Educomp Solutions Ltd has now announced with reference to the earlier annoucement dated July 07, 2009, regarding a duly authorized meeting of the Board of Directors of the Company ("Board") had approved the Preliminary Placement Document in respect of the Issue, authorized the opening of the Issue and fixed the Bid Opening Date, that the Duly authorized Committee of Board of Directors (the Committee) has in its meeting held on July 09, 2009 passed necessary resolutions approving issue of 16,20,000 equity shares of Rs 10 each at a price of Rs 3,745 per equity share ("Issue Price") including a premium of Rs 3,735 per equity share, aggregating to an Issue size of Rs 606.69 crores.

Further the Company has also informed that, the Committee has passed necessary resolutions fixing the Bid Closing Date for the said Issue as being July 09, 2009 and approving the Placement Document in respect of the Issue.

The stock was trading at Rs.3812, up by Rs.369.75 or 10.74%. The stock hit an intraday high of Rs.3914 and low of Rs.3474.

The total traded quantity was 535247 compared to 2 week average of 667399.

Source : Equity Bulls

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