MapmyIndia Approves Rs 500 Crore Fundraise
By Rediff Money Desk, NEWDELHI Nov 27, 2023 17:13
MapmyIndia's board has approved a plan to raise Rs 500 crore through a Qualified Institutional Placement (QIP). The move will require shareholder and regulatory approval.
![MapmyIndia Approves Rs 500 Crore Fundraise](https://im.rediff.com/money/2021/aug/30mapmyindia.jpg)
New Delhi, Nov 27 (PTI) MapmyIndia board has approved the company's plan to raise Rs 500 crore, Homegrown navigation services firm said in a regulatory filing on Monday.
CE Info System, which operates under the brand name of MapmyIndia, will need to seek shareholders' nod and other statutory approval before fundraise through equity dilution.
The company said the board has approved "raising of funds by way of issuance of such number of equity shares having a face value of Rs 2 each of the company (equity shares), for an aggregate amount not exceeding Rs 500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (QIP) in accordance with the applicable laws".
The company's board also approved constitution of a committee for all matters relating to the fundraising through QIP.
CE Info System, which operates under the brand name of MapmyIndia, will need to seek shareholders' nod and other statutory approval before fundraise through equity dilution.
The company said the board has approved "raising of funds by way of issuance of such number of equity shares having a face value of Rs 2 each of the company (equity shares), for an aggregate amount not exceeding Rs 500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (QIP) in accordance with the applicable laws".
The company's board also approved constitution of a committee for all matters relating to the fundraising through QIP.
DISCLAIMER - This article is from a syndicated feed. The original source is responsible for accuracy, views & content ownership. Views expressed may not reflect those of rediff.com India Limited.
You May Like To Read
TODAY'S MOST TRADED COMPANIES
- Company Name
- Price
- Volume
- GTL Infrastructure
- 2.93 ( -4.87)
- 224359807
- IFL Enterprises
- 1.30 (+ 4.84)
- 43452202
- Vodafone Idea L
- 17.21 (+ 3.18)
- 43250585
- NCL Research
- 0.95 ( -4.04)
- 29000007
- Franklin Industries
- 3.78 (+ 4.71)
- 12734440
MORE NEWS
Nifty Hits All-Time High: Markets Rally for 3rd...
Indian stock markets continue their winning streak, with the Nifty hitting a new...
Rupee Rises 4 Paise to 83.57 vs US Dollar |...
The Indian rupee appreciated 4 paise to 83.57 against the US dollar in early trade on...
![India's Progress...](https://im.rediff.com/80-80/money/2013/oct/30poverty5.jpg)
India's Progress on SDGs: NITI Aayog Vice Chair...
India has made significant progress towards the Sustainable Development Goals (SDGs),...