Cholamandalam Investment up 4% on fund raising plan

Cholamandalam Investment and Finance Company was up as much as 4.4 percent intraday on Wednesday on planning to raise funds via QIP.

The company is going to pass special resolution, by way of postal ballot, for seeking approval of the shareholders of the company to offer equity shares and/or convertible securities or combination thereof aggregating to about Rs 300 crore, in one or more tranches, to any person or entities including qualified institutional buyers through private placement or combination thereof including issuance of securities through qualified institutions placement.

At 10:30 hours IST, the stock rose 2.45 percent to Rs 284.50 on Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 3,771.76 crore.

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