Parsvnath Developers to open Qualified Institutional Placement

Parsvnath Developers Ltd has announced that subsequent to the approval accorded by the shareholders of the Company by a special resolution under Section 81(1A) and other applicable provisions of the Companies Act, 1956 by way of Postal Ballot result of which was declared on June 18, 2010, the Securities Committee has decided to open proposed issuance of equity shares pursuant to a Qualified Institutions Placement under Chapter VIII of the SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2009.

Further the Company has informed that, the floor price in respect of the aforesaid placement, based on the pricing formula as prescribed under Regulation 85 of the SEBI ICDR Regulations is Rs. 141.57 (Rupees One hundred forty one and paise fifty seven only) per Equity Share, and the relevant date for this purpose, in terms of Regulation 81(c) of the SEBI ICDR Regulations, is September 29, 2010.

The stock was trading at Rs.145.90, down by Rs.2 or 1.35%. The stock hit an intraday high of Rs.148 and low of Rs.144.

The total traded quantity was 0.42 lakhs compared to 2 week average of 4.34 lakhs.

Source : Equity Bulls

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