Cello World Ltd. received board approval on Wednesday to raise funds by issuing up to 86.5 lakh shares of face value of ₹5 each through Qualified Institutional Placement (QIP) or a other mode allowed.
In an exchange filing, Cello World said the fundraising would be subject to approval by the company’s shareholders.
QIP is a method by which listed companies raise funds by issuing shares to qualified institutional buyers.
Following this announcement, Cello World shares gained 3.58% to trade at ₹877.50 each on the NSE during today’s afternoon deals. The stock is up 10% so far this year.
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