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Our Bureau

New Delhi , Jan. 16

Federal-Mogul Goetze (India) Ltd plans to come out with a rights issue to raise Rs 115 crore. The company's board will meet on January 22 to fix the price band for the same.

Currently, Federal Mogul Vermogensuverwaltungs GmbH and Federal Mogul Holdings hold 50.1 per cent stake in the Indian company. The rights issue could be aimed at further consolidating the holdings of its principal shareholders.

The company's erstwhile promoter, Mr Anil Nanda, had last month sold his 2.85 per cent residual stake in an open market transaction. In June 2006, Federal Mogul Group acquired 25.4 per cent shares from Mr Nanda.

Federal Mogul is amongst the top three suppliers of pistons, piston pins, rings, cylinder liners, valve train components, gaskets and sealing systems.

More Stories on : Rights Issue | Automobile Components

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