The Hindu Business Line : SSI to allot shares, warrants to promoters

SSI Ltd will allot on a preferential basis shares and convertible warrants to its promoter directors. The three promoters, Mr Kalpathi S. Aghoram, Mr Kalpathi S. Ganesh and Mr Kalpathi S. Suresh would receive 1.16 lakh each preferential shares, and 2.91 lakh each convertible warrants, said a company official.

The preferential allotment will bring in Rs 20.5 crore into the company, which will be used to fund its future projects.

If the preferential allotment is approved at an extraordinary general meeting to be held on August 17, the promoters' shareholding in SSI would increase to 45 per cent from 27.8 per cent. Once the warrants are converted into equity shares, the promoters' stake will go up to 49 per cent, the official said.

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