Excel Infoways to raise funds, increase FII limit

Excel Infoways Ltd has announced that the Board of Directors of the Company at its meeting held on January 14, 2010, inter alia, has considered and decided to Raise funds through ADR, GDR, QIP etc Subject to necessary permissions and approval from concerned authorities and as decided by the Board of Directors at later stage.

The Board also approved proposal to increase investment limit of FII into the Company up to 49% of the paid up capital of the Company, subject to necessary approvals.

The Board decided to diversify activity of the Company in to real estate business, education and healthcare through subsidiary of the Company subject to necessary approvals.

The Board approved increase in the authorize capital of the Company from present Rs. 25 crores to Rs. 35 crores.

The Board also decided to alter Memorandum and Article of Association of the Company consequent to increase in authorized capital and diversification of activities.

The Stock closed the day at Rs.62.70, up by Rs.0.20 or 0.32%. The stock hit an intraday high of Rs.63.80 and low of Rs.62.40.

The total traded quantity was 145686 compared to 2 week average of 109890.

Source : Equity Bulls

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