 "Just Dial gains post clarifications on fund raising plan")
Just Dial has rallied 6% to Rs 1,441 on BSE after the company said that it proposal to seek shareholders' nod to raise funds amounting up to Rs 1,000 crore was only an enabling resolution and it did not intend to hoard cash.
“The company intent to act upon this enabling resolution only if we identified a suitable opportunity for pursuing strategic initiatives that needed capital that requires to expends capital over and above the fund currently available with us,” Just Dial said in a statement.
The company said that as of now, it have not indentified any such suitable opportunity that would require to raise capital and said "we do not intend to hoard cash".
The company’s business has continued to generate cash and our cash balance has growth since IPO to approximately Rs 740 crore, including investments, as of September 2014, it added.
Since October 20, the stock had tanked nearly 20% from Rs 1,694 to Rs 1,359 on Tuesday, on equity dilution concerns and a lower-than-expected July-September quarter earnings.
Today, the stock opened at Rs 1,388 and touched a high of Rs 1,467 on NSE. A combined 960,000 shares changed hands on the counter till 1135 hours on NSE and BSE.
“The company intent to act upon this enabling resolution only if we identified a suitable opportunity for pursuing strategic initiatives that needed capital that requires to expends capital over and above the fund currently available with us,” Just Dial said in a statement.
The company said that as of now, it have not indentified any such suitable opportunity that would require to raise capital and said "we do not intend to hoard cash".
The company’s business has continued to generate cash and our cash balance has growth since IPO to approximately Rs 740 crore, including investments, as of September 2014, it added.
Since October 20, the stock had tanked nearly 20% from Rs 1,694 to Rs 1,359 on Tuesday, on equity dilution concerns and a lower-than-expected July-September quarter earnings.
Today, the stock opened at Rs 1,388 and touched a high of Rs 1,467 on NSE. A combined 960,000 shares changed hands on the counter till 1135 hours on NSE and BSE.