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IL&FS Engineering and Construction Company Ltd has resolved to issue up to 89 lakh equity shares of Rs 10 each on a preferential basis at a premium to its promoter group as per SEBI norms and passed an enabling resolution to raise up to Rs 500 crore through a Qualified Institutional Placement (QIP) offer.
The company shares shot up by 14 per cent during the day to trade at Rs 88.10.
The board of directors of the company at its meeting held today, subject to the approval of members of the company and other statutory / regulatory approvals, will allot shares to Infrastructure Leasing and Financial Services Ltd and/ or IL&FS Financial Services Ltd belonging to the promoter and promoter group.
This allotment will be used for ongoing funding requirements.
The board of directors has also resolved to complete the process during the quarter ending September 2015 and has authorised the executive committee of directors to undertake all steps required in this regard.
The company further passed an enabling resolution to raise up to Rs 500 crore by way of Qualified Institutional Placement/Rights Issue/Convertible Securities, or in any combination, to the eligible Investors in accordance with the SEBI Regulations.
The timing, mode of issuance, pricing and exact quantum of the securities to be issued shall be decided by the board, the company informed the BSE today.
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