Sun Infoways to issue shares to S'pore firms

MUMBAI: The directors of Indian information technology firm Sun Infoways Ltd.

have decided to issue 175,000 shares each to two Singapore firms, the Bombay

Stock Exchange (BSE) said on Thursday.

The firms are Asian Development Corporation Pte. Ltd. and Wellbourne

Investment Ltd., it said.

It said the board also decided to issue up to five per cent of its share

capital to institutional investors on a preferential allotment basis.

The board also approved increasing the authorized share capital to Rs 150

million from the current Rs 55 million, the BSE said.

Sun Infoways shares were down Rs 15.85 at Rs 583.90 on Thursday afternoon

trade while the benchmark index was up 0.71 per cent at 4,638.85 points.

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