Business Daily from THE HINDU group of publications
Friday, Dec 08, 2006
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Business Daily from THE HINDU group of publications Friday, Dec 08, 2006 ePaper |
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Markets
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Foreign Institutional Investors Logistics - Shipping Corporate - Preferential Allotments Our Bureau
Kolkata , Dec. 7 Varun Shipping has moved ahead with its proposal to issue shares to four FIIs, promoters and a venture capital fund. According to a communication to the stock exchange, the company has obtained shareholders' nod on November 29 for its proposal to issue shares on preferential basis at Rs 75 each (Rs 65 as premium) and to issue optionally convertible warrants (OFCW) to raise a total of around Rs 500 crore. Among the FIIs - Calenonia Investments plc is to get 1.51 crore shares, while Sofina SA is proposed to be issued 16.5 lakh shares. Kotak Mahindra UK's sub-account ICG Q Ltd is to get 12 lakh shares. Societe General is also slated to be issued another 12 lakh shares. IL&FS Trust Co through IL&FS Pvt Equity Trust - Leverage Fund will pick up 15 lakh shares of Varun at the same pirce. One of the promoter group company - Khatau International Ltd - is proposed to get a preferential allotment of 13.87 crore shares. The promoter outfit will also be issued 39.50 lakh OFCWs. This instrument may be converted within a period of 12 months from the date of issue. Each warrant will be equivalent of one equity share of Rs 10. The total consideration for OFCWs on conversion would be Rs 75 each. Another promoter company, Tarun Shipping and Industries, would also be issued 39.5 lakh OFCWs, while Mr Arun Mehta, Vice-Chairman and Managing Director of Varun Shipping, is proposed to be allotted 6 lakh OFCWs.
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