http://www.stockwatch.in/electrotherm-india-raise-rs-300-crore-through-qip-2641

Electrotherm (India) Limited has informed that its board of directors has finally approved the raising of funds through qualified institutional placement (QIP) for an aggregate sum not exceeding Rs 300 crore.

The board also approved to raise funds through preferential allotment of equity shares for an amount not exceeding Rs 82 crore.

Further, the board also permitted increase in borrowing limits up to a sum of Rs 25 billion.

An extra ordinary general meeting (EGM) of the company will be held on Mar. 28, 2008 for approval of members.

Ahmedabad-based Electrotherm engages in the manufacture and marketing of induction furnaces, steel items, and battery operated vehicles in India. The company has recently launched its battery operated electric two wheelers Yo-bykes in Chennai.