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Our Bureau

Chennai , Nov. 16

THE Board of Directors of South India Corporation (Agencies) Ltd (Sical) on Wednesday decided to raise Rs 250 crore through a rights or a rights-cum-public issue of shares.

Funds thus raised are to be used for retiring a portion of the company's debt and to fund the equity of a special purpose vehicle the company would set up for implementing a Rs 500-crore iron-ore terminal project at the Ennore port.

Concurrently, the company has also decided to seek shareholders' approval to hive off all the non-logistics businesses into a separate subsidiary company.

To enable raising fresh equity funds, Sical's authorised capital is to be doubled to Rs 200 crore. Sical's board has proposed to increase the company's authorised share capital, currently Rs 100 crore to Rs 200 crore.

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