The media had reports that Salora International Ltd. may raise funds to expand its retail and distribution business in the telecom and media sector, and may go for a QIP at a price upwards of Rs.350.
The Exchange, in order to verify the accuracy or otherwise of the information reported in the media and to inform the market place so that the interest of the investors is safeguarded, had written to the officials of the company.
Salora International Ltd. has vide its letter inter-alia stated,"Regarding the expansion of the retail and distribution business, we submit that our Company is not into retailing but one of our group Companies has ventured into the same. We have year wise attained growth in our Telecom division which is into the distribution business. Further the Board of Directors of the Company has not considered any proposal of fund raising." -- www.nseindia.com
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