Snowman Logistics Ltd board approves proposal for raising Rs. 250 crore through QIP

The Board of directors of Snowman Logistics Ltd at its meeting held today considered and accorded its approval to raise funds up to an amount of Rs. 250/-(Rupees Two Fifty Crores only) by issuing eligible securities of the Company, including equity shares of face value Rs. 10 each, or other eligible instruments including but not limited to compulsorily convertible debentures or non - convertible debentures with warrants, through qualified institutions placement ("QIP") to qualified institutional buyers ("QIBs") in accordance with the provisions of the Companies Act, 2013, as amended, the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended, and such other acts, laws, rules, or regulations as may be applicable and to increase the authorised Share Capital of the Company from ,2,00,00,00,000/- (Rupees Two Hundred Crores only) divided into 20,00,00,000 {Twenty crores) equity shares of Rs. 10/- (Rupees Ten only) each to Rs. 2,50,00,00,000 /- (Rupees Two Hundred Fifty Crores only) comprising 25,00,00,000 (Twenty Five Crores only) equity shares of Rs. 10/- (Rupees Ten only) each.

The Board has decided to seek the approval of the shareholders for the fund raising activities and increase in authorised share capital through postal ballot.

Shares of Snowman Logistics Ltd was last trading in BSE at Rs.56.15 as compared to the previous close of Rs. 57.9. The total number of shares traded during the day was 387429 in over 1720 trades.

The stock hit an intraday high of Rs. 59 and intraday low of 55.7. The net turnover during the day was Rs. 21909652.

Source : Equity Bulls

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