NIIT to raise funds

NIIT Ltd has announced that the Board of Directors of the Company at its meeting held on October 26, 2009, inter alia, has considered and approved subject to the Shareholders' approval, issue of warrants convertible into Equity Shares for a value not exceeding Rs. 30 Crores including premium, to the Promoters, Promoters' Group and / or Person Action in Concert (the "Promoters") of the Company, in such manner, price, terms and conditions as may be determined in accordance with Chapter VII of the SEBI (ICDR) Regulations, 2009 (hereinafter referred to as "the Regulations").

Subject to the Shareholders' approval, issue of securities including equity shares, non-convertible debt instruments along with warrants or convertible securities other than warrants or securities in other forms (hereinafter referred to as "Securities") as may be permitted under the Chapter VIII of the Regulations or any combination of the Securities to Qualified Institutional Buyers, as defined under Regulation 2(1)(zd) of the Regulations, for an aggregate sum not exceeding Rs. 200 Crores (including premium) through Placement Document at such time or times at a price to be determined in accordance with the Regulations.

The stock was trading at Rs.68.35, down by Rs.4.05 or 5.59%. The stock hit an intraday high of Rs.73 and low of Rs.67.80.

The total traded quantity was 1973580 compared to 2 week average of 1428685.

Source : Equity Bulls

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