3i Infotech closes QIP issue

3i Infotech Ltd has announced that in respect of issue of equity shares of face value of Rs. 10 each of the Company ("Equity Shares") to Qualified Institutional Buyers ("QIBs") under Qualified Institutions Placement in terms of Chapter VIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009 ("SEBI Regulations"), the duly authorized Committee of the Board of Directors (the "Committee") had in its meeting held on September 17, 2009 decided to launch the issue. The Committee has now, at its Meeting held on September 22, 2009, decided to close the bid period, and approved the issuance of upto 375,00,000 Equity Shares at a price of Rs. 84.75 per Equity Share (including a premium of Rs. 74.75 per Equity Share), aggregating to Rs. 317,81,25,000 (Rupees three hundred and seventeen crores, eighty one lakhs and twenty five thousand only).

The Company has further announced that the floor price in respect of the aforesaid Qualified Institutions Placement, based on the pricing formula as prescribed under Regulation 85(1) of the SEBI Regulations is Rs. 84.74 per Equity Share, and the Relevant Date for this purpose, in terms of Regulation 81(c)(i) of the SEBI Regulations, is September 17, 2009.

The stock was trading at Rs.85.95, down by Rs.2.90 or 3.26%. The stock hit an intraday high of Rs.89.50 and low of Rs.85.15.

The total traded quantity was 478267 compared to 2 week average of 916723.

Source : Equity Bulls

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