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Mapmyindia Fundraise: The company said the board has approved "raising of funds by way of issuance of such number of equity shares having a face value of Rs 2 each of the company (equity shares), for an aggregate amount not exceeding Rs 500 crore or an equivalent amount thereof by way of Qualified Institutional Placement (QIP) in accordance with the applicable laws".
The company, in a BSE filing, said, "The board has inter-alia approved raising of funds by way of issuance of such number of equity shares having face value of Rs 2/- each, for an aggregate amount not exceeding Rs 500 crore or an equivalent amount thereof by way of qualified institutional placement (QIP) in accordance with the applicable laws, subject to the receipt of the necessary approvals."
CE Info System, which operates under the brand name of MapmyIndia, will need to seek shareholders' nod and other statutory approval before fundraising through equity dilution.