The Hindu Business Line : Spentex to issue shares to Citigroup Ventures

Textile firm Spentex Industries will issue 17.5 lakh equity shares to Citigroup Venture Capital at a price of Rs 36.54 each upon conversion of warrants held by the venture capital firm in Spentex.

The board of directors of Spentex has approved the conversion of 17.5 lakh warrants held by Citigroup Venture Capital International Growth Partnership Mauritius Ltd into equal number of equity shares, the company said in a release.

The warrants were allotted to Citigroup Venture Capital on December 8, 2005, with an option to convert into equity shares before the expiry of 18 months from its date of allotment at a price of Rs 36.54 a warrant, it said.

The company had received 10 per cent consideration at the time of allotment, it said.

With this conversion, the equity capital of Spentex Industries would go up from Rs 57.45 crore to Rs 59.20 crore.

Spentex Industries is one of the largest yarn manufacturers in the country with a total capacity of 3.50 lakh spindles for natural and man-made yarns.

It recently took over Indo Rama Textiles Ltd and Amit Spinning Industries Ltd.

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