Manappuram General Finance to raise Rs 300 crore

Manappuram General Finance & Leasing Ltd has announced that the Board of Directors of the Company at its meeting held on December 26, 2009, has decided to raise additional capital of Rs. 300 crore by making Qualified Institutional Placement /Issue of other securities.

The Board approved proposal to make private placement of equity shares to selected qualified institutional buyers.

The Board called for an Extra Ordinary General Meeting on January 20, 2010 for seeking members approval for the QIP issue.

The Stock was trading at Rs.669.40, up by Rs.53.70 or 8.72%. The stock hit an intraday high of Rs.670.10 and low of Rs.617.05.

The total traded quantity was 38855 compared to 2 week average of 11069.

Source : Equity Bulls

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