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MUMBAI: Zodiac Clothing Company Ltd has informed the Bombay Stock Exchange that in its meeting held on November 6, the board, subject to the approval of the company's shareholders and other statutory authorities, as applicable, has approved a proposal to issue 7.5 lakh equity shares of Rs 10 each at an offer price of Rs 400 per share (including premium of Rs 390 ). The issue is to be made through a preferential allotment in accordance with the Guidelines for Preferential Issue, as amended, to the following investors who have offered to acquire the same: Matterhorn Ventures, 1 lakh shares; Reliance Energy Investment Pvt Ltd, 3 lakh shares; India Capital Fund Ltd, 3.5 lakh shares.

The object of the issue is to part fund the following, in addition to internal accruals and debt financing the capital expenditure requirement of the company; investment in subsidiary companies; and meeting working capital requirements.

In view of the above, the board has convened an EGM on November 30, for shareholders' approval of the said proposal under Section 81(1A) of the Companies Act, 1956.

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