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Our Bureau

Kolkata , Feb. 9

THE CESC board on Monday approved a Rs 50-crore rights issue for its equity shareholders in the ratio of one rights share for every eight shares held.

The issue is being made at a premium of Rs 50 per share. An extraordinary meeting of the shareholders would now be called to get their nod for the issue.

Company sources said this would expand CESC's equity base from Rs 66 crore to Rs 74.7 crore.

Merger approved: The board also approved in-principle, a scheme of arrangement for amalgamation of two of its wholly-owned subsidiaries x CESCON Ltd and Balagarh Power Company Ltd x with itself. µA notice to the stock exchanges said that this was being done pursuant to the provisions of Section 391 to 394 and other applicable provisions of the Companies Act, 1956. An EGM would be called to seek the shareholders nod for this proposal

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