Vimta Labs to raise Rs 78cr from FIIs/MFs

The board of directors of Vimta Labs, which met today, approved a proposal to raise Rs 78.42 crore from foreign institutional investors and mutual funds by issuing shares on preferential basis.

According to a release issued by Vimta Labs to the BSE today, India Fund Inc - a fund of the New York-based Blackstone Group - will subscribe to 2,33,079 equity shares of Rs 10 each at a price of Rs 950 per share (which would be equivalent to 11,65,395 equity shares of Rs 2 each on sub-division of shares at Rs 190 per  share).

"Voyager Fund Mauritius will also subscribe to 2,33,079 equity shares of Rs 10 each at Rs 950 per share (equivalent to 11,65,395 equity shares of Rs 2 each on sub-division of shares at Rs 190 pershare). Minivet Ltd, Mauritius will subscribe to 93,231 equity shares," the release added.

Franklin India Smaller Companies Fund of Franklin Templeton Asset Management India will acquire 1,77,362 equity shares of Rs 10 each at Rs 950 per share (equivalent to 8,86,810 equity shares of Rs 2 each at Rs 190 per share). Franklin India Prima Fund will acquire 88,681 equity shares of Rs 10 each at Rs 950/- per share, the release added.

The board also approved a proposal to hike investment limit of FIIs/NRIs from 24% to 49% of the paid-up capital of the company.

The board has called an EGM on March 18, 2006 to consider and approve the above proposals, the release added.