Moneycontrol
Dec 02, 2016 09:39 AM IST IST | Source: Moneycontrol.com

Shilpa Medicare to raise Rs 175 crore via equity; shares up 3%

The company's board at its meeting held on December 1, has approved the raising of funds upto Rs 175 crore by issuing equity shares on preferential basis to TA FII Investors, Mauritius at a price of Rs 570 per share.

Moneycontrol Bureau

Shares of Shilpa Medicare added 3.7 percent intraday Friday on approval of fund raising and on proposal to hike FII investment limit.

The company at its meeting held on December 1, has approved the raising of funds upto Rs 175 crore by issuing equity shares on preferential basis to TA FII Investors, Mauritius at a price of Rs 570 per share.

The board has also proposed to increase the investment limit for FIIs'/FPIs and registered foreign investors to 40 percent from the existing limit of 30 percent, subject to approval by shareholders.

The company's extra ordinary general meeting (EGM) will be held on December 26, 2016.

At 09:32 hrs Shilpa Medicare was quoting at Rs 666.30, up Rs 7.00, or 1.06 percent on the BSE.

Posted by Rakesh Patil
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