Spanco Telesystems to raise funds

Spanco Telesystems & Solutions Ltd has announced that the Board of Directors of the Company at its meeting held on December 20, 2006 has considered and decided to raise funds / resources up to Rs 175 Crores for the business and proposed Expansion plans / programme of the Company.

The Board also decided to obtain the authority from the shareholders to raise these funds wholly / partly by issuing any securities including Equity Shares / FCCBs / Warrants to any category of Investors, including Shareholders, Promoters, Public, Qualified Institutional Buyers or other Institutional Investors by way of Preferential Allotment. Qualified Institutional Placement (QIP) or any kind of placement and to convene an Extra Ordinary General Meeting on January 23, 2007.

Source : Equity Bulls

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