Tulip Telecom rallies on shareholder nod for fund raising

Tulip Telecom has rallied 5% to Rs 152 after getting approval from shareholders for raising up to Rs 1,000 crore through issuance of long-term capital, including qualified institutional placements (QIP).

The shareholders have also approved issuing and alloting upto 21.87 million convertible warrants into an equal number of fully paid equity shares to promoters of the company for cash at a price of Rs 156 per equity share aggregating Rs 341 crore.

The stock opened at Rs 146 and touched a high of Rs 153 on the National Stock Exchange. A total of 137,235 shares have changed hands on the counter on both the exchanges till 1020 hours.