The Hyderabad-based Vimta Labs has informed that the board of directors of the company, at its meeting held on February 20, 2006, has considered the proposal of raising funds through preferential allotment to the tune of Rs 78 crore from various investors including- The India Fund Inc, The Black Stone Group-New York, Voyager Fund Mauritius-Mauritius, Minivet Ltd-Mauritius, Franklin Templeton Asset Management India Smaller Companies Fund- Chennai (India).
The Board has also considered the proposal to increase the investment limits for foreign institutional investors (FIIs), non-resident Indians (NRIs) and persons of Indian origin (PIOs) from 24 per cent to 49 per cent of the paid-up equity share capital of the company subject to necessary approvals.