Edserv Softsystems approves Rs 130 crores Fund raising Plans through QIP

Edserv Softsystems Ltd has announced that the Board of Directors of the Company at its meeting held on March 03, 2010, inter alia, has considered and approved the proposal to raise funds of not exceeding a sum of Rs. 130 Crores through Qualified Institutions Placement (QIP).

The Board appointed HDFC Bank, Class I Merchant Banker as lead Manager to handle the QIP issue. The Board also considered and approved the proposal raise the Authorized Capital of the Company from Rs. 14.00 Crores to Rs. 25 Crores in order to accommodate the above QIP.

The Board decided to hold the Extra Ordinary General Meeting on March 25, 2010 to seek the permission of the shareholders for the above issues.

The Board considered and approved the business acquisition of SchoolMATE & SmartLearn WebTV.

The stock closed the day at Rs.271.70, up by Rs.7.20 or 2.72%. The stock hit an intraday high of Rs.277.45 and low of Rs.267.25.

The total traded quantity was 182387 compared to 2 week average of 97837.

Source : Equity Bulls

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