Marg fixes QIP price at Rs 189.88

Marg Ltd has announced that pursuant to the Shareholders approval obtained by the Company at the AGM held on September 29, 2009, to issue securities including Equity Shares through a Qualified Institutional Placement, the Capital issues and Allotment Committee, in the meeting held on April 26, 2010, approved to place Equity Shares for an amount not exceeding Rs. 150 Crores under QIP. The Committee took on record the Placement Document. Average Floor Price as certified by MGBS & Associates - Chartered Accountants and in-principle approval of stock exchanges.

The Committee approved to open the QIP issue on April 26, 2010 and fixed the Minimum Average Floor Price at Rs. 189.88 as certified by the above Chartered Accountants.

The Committee also recorded that the placement of Equity Shares will be completed in compliance with Chapter VIII of SEBI (ICDR) Regulations, 2009.

The stock closed the day at Rs.192.05, down by Rs.1.75 or 0.90%. The stock hit an intraday high of Rs.197.50 and low of Rs.189.

The total traded quantity was 73242 compared to 2 week average of 89201.

Source : Equity Bulls

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