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Suyog Telematics Ltd board approves fund raising proposal

Posted On: 2019-08-24 21:29:12

The Board of Directors of Suyog Telematics Limited (Scrip Code: 537259) in its meeting held on August 24, 2019, has approved the proposal for raising of funds up to Rs.200 Crores by issue of equity shares or American depository receipts or global depository receipts or foreign currency convertible bonds or other securities I financial instruments convertible into equity shares, whether denominated in Indian Rupee and/or foreign currency (ies), though a public issue or a private placement in accordance with the provisions of the applicable law.

The board also approved raising of funds up to Rs.200 Crores by issue of non-convertible debentures (in form of bonds or otherwise) or bonds, whether denominated in Indian Rupee and/or foreign currency (ies), though a public issue or a private placement in accordance with the provisions of the applicable law.

The fund raising is subject to necessary permissions, sanctions and approvals (including shareholders' approval and such other statutory approvals as may be required) and the provisions of the laws. The Company is seeking approval of shareholders to the aforesaid enabling resolutions at the ensuing Annual General meeting.

Shares of Suyog Telematics Ltd was last trading in BSE at Rs.410 as compared to the previous close of Rs. 414.9. The total number of shares traded during the day was 11 in over 2 trades.

The stock hit an intraday high of Rs. 475 and intraday low of 410. The net turnover during the day was Rs. 5160.


Source: Equity Bulls

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