Business Daily from THE HINDU group of publications
Thursday, Aug 23, 2007
ePaper
Business Daily from THE HINDU group of publications Thursday, Aug 23, 2007 ePaper |
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Corporate
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Preferential Allotments Himatsingka Seide plans to raise Rs 75 crore
Our Bureau Bangalore, Aug. 22 Himatsingka Seide Ltd expects to raise about Rs 75 crore through the preferential issue of warrants to the promoters/promoter group. The proceeds from the issue will form part of the corpus that will fund future acquisitions, ongoing greenfield investments in manufacturing and retail besides general corporate requirements, said a company press release. Preferential Issue
The board of Himatsingka approved the proposal to issue up to 58-lakh warrants to the promoters/promoter group, subject to the requisite approval by the shareholders. The warrants are convertible into equity shares anytime within 18 months from the date of issue of the warrants. The preferential issue will entitle them to an equivalent number of equity shares of the company of the face value of Rs 5 each, said the company press release. The pricing of the issue will be governed by the Guidelines for Preferential Issue in terms of Chapter XIII of the SEBI (Disclosure & Investor Protection) Guidelines, 2000 or Rs 130 per warrant, whichever is higher. The minimum price of Rs 130 also coincides with the pricing of the $60 million GDR issue during 2005-06.
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