ABB India gains after securing board approval for fund raising

ABB India rose 0.55% to Rs 1,370 at 09:28 IST on BSE after the company's board of directors approved the proposal to raise money by way of issuance of unsecured listed redeemable non-convertible debentures on private placement basis

The announcement was made after market hours yesterday, 2 July 2015.

Meanwhile, the BSE Sensex was up 106.34 points, or 0.38%, to 28,052.14

On BSE, so far 1,799 shares were traded in the counter, compared with an average volume of 8,167 shares in the past one quarter.

The stock hit a high of Rs 1,379 and a low of Rs 1,367.60 so far during the day. The stock hit a 52-week high of Rs 1,525 on 19 February 2015. The stock hit a 52-week low of Rs 956.10 on 18 August 2014.

The large-cap company has an equity capital of Rs 42.38 crore. Face value per share is Rs 2.

ABB India said that the board of directors of the company at its meeting held yesterday, 2 July 2015, has approved the proposal to raise money to the extent of Rs 600 crore by way of issuance of unsecured listed redeemable non-convertible debentures on private placement basis to investors on such terms and conditions as may be decided by the board. The issuance would be subject to the approval of the shareholders by way of a special resolution through postal ballot.

ABB India's net profit rose 5.1% to Rs 54.29 crore on 0.7% fall in total income to Rs 1815.29 crore in Q1 March 2015 over Q1 March 2014.

ABB is a leader in power and automation technologies that enable utility and industry customers to improve their performance while lowering environmental impact. The ABB Group of companies operates in around 100 countries and employs about 140,000 people.

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