Accentia Technologies Ltd to raise funds up to $10 million

The Board of Directors of Accentia Technologies Ltd at its meeting held on November 26, 2011, has decided to raise funds up to US $10 Million towards growing its core business in Healthcare Receivables Cycle Management including Transcription, DRT, Coding, Billing and Collections and its newly added integrated Software as a Service(SaaS) offering covering the above mentioned areas in the United States of America.

The Board has also decided to raise the amount by issuing preferential share allotments/warrants to promoters/PACs and through preferential allotment/convertible bonds to Foreign Corporate bodies/Domestic Corporate bodies/Foreign Financial Institutions/Domestic Financial Institutions at a price as per SEBI pricing norms under preferential allotment.

It was decided by the Board that the decision to issue the above instruments would be kept for the approval of the shareholders in the ensuing AGM.

The Board also decided to increase the authorized capital of the Company to Rs. 25.00 crores. It was decided by the Board that the decision to increase the authorized capital of the Company will be kept for the approval of the shareholders in the ensuing AGM.

The stock was trading at Rs.49, up by Rs.1.25 or 2.62%. The stock hit an intraday high of Rs.49.85 and low of Rs.48.05.

The total traded quantity was 3395 compared to 2 week average of 22459.

Source : Equity Bulls

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