InfoEdge/Naukri.com To Raise Rs 500 Crores; Increasing FII Up To 40 Percent
By Rafat Ali - Mon 24 Dec 2007 09:58 AM PST
As we reported last week, Info Edge (BOM: 532777) India (the Naukri.com Group) had a board meeting on Dec 21st, to decide on raising more funds for the company, to use to, among other things, acquisitions. It certainly has some big plans, judging by the money it wants to raise (Rs 500 crores, or about $127 million): today, the company filed the results of the board meeting with BSE, and below is the full notice:
“Info Edge India Ltd has informed BSE that the Board of Directors of the Company at its meeting held on December 21, 2007, has approved and decided to recommend the following matters for approval of the Shareholders through Postal Ballot:
1. Increase Foreign Institutional Investment (FII) limit upto 40% of the paid-up capital under portfolio Investment Scheme from the current 24%.
2. To raise further capital upto an aggregate amount of Rs 500 crores (including share premium) by different alternative available mechanism under applicable laws like QIPs, GDR, FCCB, ADR etc.
3. To raise borrowing limits upto an aggregate amount of Rs 500 crores.
4. To increase the investment limit by Rs 300 crores over and above the statutory limit.”
Posted in: Companies, Naukri, JV & Investment
