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Tomorrow’s News Today : Omaxe, Punj Lloyd On QIP

By TEAM VCC

  • 13 Jul 2009

Omaxe Reconsidering QIP : Construction firm Omaxe is reconsidering its QIP plans due to the fall in prices. It earlier informed the exchanges that its board has approved raising of additional long-term funds through further issuance of securities in the company, reports ET Now, a private news channel. The QIP issue was supposed to happen at Rs 125/ share but with the markest tanking, it plummeted to Rs 75/ share. This could have meant further equity dilution by the promoters who own 89% of the company. The news channel reported that the construction firm has not deferred the QIP plans but reconsidering it. 

 

Punj Lloyd Raising Money Through QIP : Punj Lloyd has raised approval for raising Rs 1500 crore,it informed the exchanges. Atul Punj, the company's chairman told CNBC-TV18, that the company is looking to raise funds via the qualified institutional placement (QIP) or the non-convertible debenture (NCD) route. Punj said part of the funds will be used for capex needs and part to retire debt.

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Maytas Infra Appoints SBI cap As Advisor For Debt Restructuring : Maytas Infra has informed the exchanges that it has appointed SBI cap as advisor for debt restructuring.

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