IITL Projects raises Rs.5 crore

The Shareholders of IITL Projects Ltd have approved a Special Resolution on December 24, 2012, by way of Postal Ballot for raising of funds through Issue of 12% Non Convertible Cumulative Redeemable Preference Shares of the Company on private placement basis, in one or more tranches, to Industrial Investment Trust Limited (Promoter Holding Company). The Company has received Rs. 5,00,00,000/- (Rupees Five Crores Only) from Industrial Investment Trust Limited towards share application money and they have requested for issue and allotment.

Further, the Company has informed that the Board of Directors in their meeting held on January 12, 2013, have accorded their approval for issue and allotment of 10,00,000 (Ten Lacs) 12% Non Convertible Cumulative Redeemable Preference Shares ("Preference Shares") of Rs. 10/- (Rupees Ten) each, at a premium of Rs. 40/-(Rupees Forty) each, of an aggregate amount not exceeding Rs. 5,00,00,000/- (Rupees Five Crores Only) to Industrial Investment Trust Limited.

The IITL Projects Ltd stock closed the day at Rs.37.50, down by Rs.1 or 2.60%. The stock hit an intraday high of Rs.38.50 and low of Rs.37.50.

The total traded quantity was 100 compared to 2 week average of 100.

Source : Equity Bulls

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