Mid-Day to raise Rs 18 cr from T Rowe Price

The board of directors of Mid-Day Multimedia, which met on Wednesday, approved a proposal to issue and allot, on a preferential basis, 21,90,000 fully paid up equity shares of Rs 10 each for Rs 82 per share (including premium of Rs 72 per share) to T Rowe Price International Inc.

According to a release issued by the company to the Bombay Stock Exchange on Wednesday, the alloment will aggregate Rs 17.96 crore (Rs 179.6 million).

The meeting also approved another proposal to increase foreign direct investment limit up to 26 per cent of the paid-up capital of the company.

"An EGM has been scheduled on September 17, 2005 to obtain shareholders' approval for the above issues," the release added.