Business Standard

Monday, December 23, 2024 | 08:44 PM ISTEN Hindi

Notification Icon
userprofile IconSearch

Mahindra Lifespace to raise Rs 400 cr via QIP route

Funds will be raised subject to the approval of shareholders through postal ballot on September 6

Press Trust of India New Delhi
Realty firm Mahindra Lifespace Developers today said it plans to raise about Rs 400 crore funds by issue of shares to institutional investors.

"The Board of Directors at its meeting held on August 31, 2013 approved raising of funds not exceeding Rs 400 crore by issue of equity shares by way of a qualified institutional placement (QIP) to qualified institutional buyers," Mahindra Lifespace said in a filing with BSE.

The funds would be raised subject to the approval of shareholders through postal ballot on September 6, it said, adding, the results of the postal ballot will be declared on October 22.
 

The time and price at which shares would be issued via QIP route would be decided either by the Board or a committee of Directors to be constituted in this regard, it added.

The shares of the company were trading up by 1.86% to Rs 409.05 on the BSE in afternoon trade.

Don't miss the most important news and views of the day. Get them on our Telegram channel

First Published: Sep 02 2013 | 2:07 PM IST

Explore News