Edelweiss Financial gains after board approves fund raising

Edelweiss Financial Services rose 1.41% to Rs 258.65 at 11:36 IST on BSE after the company said its board approved raising up to Rs 2000 crore.

The announcement was made during trading hours today, 26 September 2017.

Meanwhile, the S&P BSE Sensex was down 154.91 points, or 0.49% to 31,471.72.

On the BSE, 1.61 lakh shares were traded in the counter so far, compared with average daily volumes of 6.23 lakh shares in the past one quarter. The stock had hit a high of Rs 264.70 and a low of Rs 252.05 so far during the day.

The board approved raising funds by issuing securities, including equity shares/American depository receipts (ADRs)/global depository receipts (GDRs)/any other securities convertible into equity shares/non convertible debentures with or without warrants, through further public offer/qualified institutions placement (QIP)/preferential issue/rights issue or through any other permissible mode or a combination thereof.

On a consolidated basis, net profit of Edelweiss Financial Services rose 40.55% to Rs 196.32 crore on 28.93% rise in total income to Rs 1898.04 crore in Q1 June 2017 over Q1 June 2016.

Edelweiss Financial Services is one of India's leading diversified financial services company providing a broad range of financial products and services to a substantial and diversified client base that includes corporations, institutions and individuals.

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