MapmyIndia Board Approves Rs 500 Cr Fundraising Through QIP Route
During a meeting convened on 27 November, the board of directors at MapmyIndia approved a proposal to secure funds amounting to Rs 500 crore through the qualified institutional placement (QIP) route, as detailed in a regulatory filing. CE Info Systems, the entity that owns MapmyIndia, conveyed to the exchanges that the board granted its consent for the issuance of equity shares with a face value of Rs 2 each. The total aggregate amount is capped at Rs 500 crore, or an equivalent sum, and will be raised through qualified institutional placement in accordance with applicable laws.
The fundraising initiative is contingent upon obtaining necessary approvals from the company's shareholders, as well as regulatory and statutory bodies. This strategic move is expected to bolster MapmyIndia's financial standing, providing the company with additional resources for potential expansion, innovation, or other strategic endeavours.
It is noteworthy that the disclosure from MapmyIndia occurred on a day when the stock markets were closed due to a public holiday. The last trading session on 24 November saw MapmyIndia's shares settling at Rs 2,200.45 apiece on the BSE, reflecting a 0.39 per cent increase compared to the closing price of the previous day. The timing of the announcement and the company's proactive approach towards securing funds via the QIP route indicate a strategic financial move in the context of the business landscape and the company's growth trajectory.
