C.E. Info Systems Ltd., operating under the brand MapmyIndia, witnessed a notable upswing in its shares on Thursday following the announcement that its board of directors is set to convene on Monday, November 27. The agenda of the meeting is to deliberate upon and sanction the proposal for raising funds.
The company’s official statement, disclosed in an exchange filing, outlined the purpose of the meeting: “To discuss, consider, and approve the proposal of raising funds by way of issuance of equity shares through permissible modes, including but not limited to a private placement, a qualified institutions placement, preferential issue, or any other method or combination of methods as may be permitted under applicable laws.” The statement further emphasized that such actions would be subject to necessary regulatory and statutory approvals and the nod from the company’s shareholders.
As of 11:10 am, MapmyIndia’s shares exhibited a positive trend, trading 3.41% higher at ₹2,256.05. The surge in share value reflects market enthusiasm surrounding the company’s strategic move to explore diverse avenues for raising funds and fortifying its financial position.
