Paramount Communications' Board Approves Rs 400-Crore QIP

The board of directors of Paramount Communications Ltd. had approved raising funds through equity shares or other securities by issuing a qualified institutional placement for Rs 400 crore on Thursday, according to an exchange filing on BSE.

The board also decided to increase the authorised share capital of the company from Rs 80 crore, divided into 35 crore equity shares of Rs 2 each and 10 lakh redeemable preference shares of Rs 100 each, to Rs 90 crore, divided into 40 crore equity shares of Rs 2 each and 10 lakh redeemable preference shares of Rs 100 each, respectively.

It also appointed Dhruv Aggarwal as president of strategy, Tushar Aggarwal as president of operations and Parth Aggarwal as president of marketing, respectively, with effect from Oct. 1.

Shares of Paramount Communications closed 2.93% higher at Rs 81.61 apiece, as compared to a 0.74% drop in the NSE Nifty 50.