Educomp Solutions gains on nod for share issue to lenders

Shareholders have approved share issue to CDR, Non-CDR lenders on a preferential basis

Shares of Educomp Solutions were up nearly 4% at Rs 18.50 on the BSE after the company informed that the shareholders have approved issue of equity shares on preferential basis to CDR and Non-CDR lenders.

The company in a release after market hours on Wednesday said that the shareholders through a postal ballot approved issue of equity shares on preferential basis pursuant to conversion of Funded Interest Term Loan to CDR and Non-CDR lenders.

The stock opened at Rs 18.50 and touched a high of Rs 18.80. At 11:20AM, over 810,000 shares were traded on both the stock exchanges.