Financial Daily from THE HINDU group of publications
Tuesday, Mar 07, 2006
Financial Daily from THE HINDU group of publications Tuesday, Mar 07, 2006 |
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Info-Tech
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Preferential Allotments Money & Banking - Private Banks Mascon Global plans pref issue to ICICI Bank Our Bureau
Chennai , March 6 Mascon Global Ltd will issue 234 lakh equity shares on preferential basis at a price of Rs 15.35 per equity share (including premium of Rs 5.35) to ICICI Bank (162 lakh shares) and Sungroup Enterprises (71 lakh shares). It will also issue warrants on preferential basis carrying entitlement to subscribe to equity shares of the face value of Rs 10 each at a price of Rs 19 per warrant to Sungroup Enterprises Pvt Ltd (750 lakh warrants) and Mr K. Chandra (250 lakh warrants), according to a company communication to the Bombay Stock Exchange. The preferential issue is to reduce term loan of ICICI Bank, set up dedicated campus-cum-development centres in India and augment working capital, the communication said. The board of directors approved these proposals at a meeting on March 4. The board also approved a plan to enhance the limit for the issue of shares/warrants on preferential from the earlier approved limit of Rs 175 crore to Rs 230 crore to accommodate the response received from the potential investors, the release said.
More Stories on : Preferential Allotments | Private Banks | ICICI Bank Ltd
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