MapmyIndia Board Approves Rs 500 Crore Fundraise

The board of directors of CE Infosystems, now called MapmyIndia, today approved the raising of up to Rs 500 crore through an issuance of equity shares by way of a qualified institutional placement, the company said in a notification to the exchanges on Monday.

The fund raise is contingent on shareholders' approval, which will be sought for by way of special resolution through postal ballot process.

The board will also be constituting a QIP Committee for all matters relating to the further fund raising by the company through QIP.

Shares of C.E. Info Systems closed 0.39% higher on Friday, and have more than doubled year to date.