MapmyIndia board approves Rs 500 cr fundraise plan by way of QIPs
MapmyIndia’s board has approved the company’s plan to raise Rs 500 crore, Homegrown’s navigation services company said in a regulatory filing on Monday.
CE Info System, which operates under the brand name MapmyIndia, will have to seek shareholders’ nod and other regulatory approval before raising funds through equity dilution.
The company said that the board has approved raising funds through issue of such number of shares of face value of Rs 2 each of the company (shares), for an aggregate amount not exceeding Rs 500 crore or an equivalent amount. thereof through Qualified Institutional Placement (QIP) in accordance with applicable law”.
The company’s board also approved the creation of a committee for all matters related to fundraising through QIP.
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First print: November 27, 2023 | 6:34 PM IST