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Our Bureau

Kolkata , Feb. 2

SHAREHOLDERS of Bata India Ltd today accorded their approval to a 1:4 rights issue.

At an extraordinary general meeting of the company held here, shareholders passed a resolution which sought to offer a rights issue of one equity share of the face value of Rs 10 each for cash at a premium within the price band of Rs 45 to Rs 54 per share for every four equity shares held. Shareholders also passed a resolution whereby the authorised share capital of the company was increased to Rs 70 crore from Rs 60 crore at present by creation of an additional 10,000,000 equity shares.

Speaking at the extraordinary general meeting, Mr P.M. Sinha, Chairman of Bata India Ltd, said the pricing of the rights issue was "very fair" since it was being offered at a discount of around 40 per cent to ruling market prices.

Mr Sinha said several steps had been taken to re-engineer and restructure the company's operations.

Stores had been modernised and training was being provided to frontline staff. The focus was also on cost optimisation, improvement of margins, logistics and demand-based production and rationalisation of the workforce.

According to him, 1,520 people had opted for the company's voluntary retirement scheme in 2004.

Another such scheme would be announced in the current calendar year as well, he said.

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