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HYDERABAD: The board of directors of Coromandel Cements Ltd has approved a resolution to issue, offer and allot 30 lakh equity shares of Rs 10 each at par to the promoters.

The board has also cleared a proposal to issue, offer and allot 41,96,790 share warrants, which would be convertible into equal number of equity shares, at a conversion price of Rs 10 each to the promoters and associates on a preferential basis.

The company has informed stock exchanges that it has also approved a further issue of 27-lakh equity shares of Rs 10 each by way of public issue at a price to be fixed later.

A proposal to increase borrowing powers from Rs 75 crore to Rs 150 crore was also approved. The board has decided to convene an extraordinary general meeting on December 13 to get the consent of its shareholders.

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