Cholamandalam Investment to raise Rs.450 crores

Cholamandalam Investment and Finance Company Ltd has announced that the Board of Directors of the Company at its meeting held on January 27, 2011, inter alia, has approved the proposal to raise Rs. 450 crores as tier II capital in the nature of long term debt by issue of 4500 non-convertible debentures of Rs. 10 lacs each on private placement basis in one or more tranches.

The stock closed the day at Rs.165.80, down by Rs.17.75 or 9.67%. The stock hit an intraday high of Rs.183 and low of Rs.164.

The total traded quantity was 0.47 lakhs compared to 2 week average of 0.30 lakhs.

Source : Equity Bulls

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