Financial Daily from THE HINDU group of publications
Friday, Feb 18, 2005
Financial Daily from THE HINDU group of publications Friday, Feb 18, 2005 |
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Markets
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Preferential Allotments Escorts board gives nod for capital revamp Our Bureau
New Delhi , Feb. 17 ESCORTS Ltd on Thursday announced a capital restructuring plan under which it would offer preferential shares to non-resident investors and increase its authorised share capital. The company will restructure its authorised share capital by way of consolidation of existing unclassified shares of Rs 333 crore and "increase by creation of further unclassified shares up to an amount of Rs 440 crore", Escorts said in a communication to the Bombay Stock Exchange. Besides, the company will also issue its securities on preferential basis, up to the extent of Rs 777.76 crore in favour of overseas investors by way of cumulative redeemable preference shares. The financial restructuring programme is subject to regulatory approvals and permissions. Escorts board, which met here, has already given its nod to the proposal.
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