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Mumbai, Sept. 1

West Coast Paper Mills Ltd has approved raising Rs 150 crore from overseas or domestic markets in addition to sub-dividing equity share of Rs 10 each into five equity shares of Rs 2 each. The shareholders took the decisions at the company’s extraordinary general meeting, the Karnataka-based paper producer said in a filing to the Bombay Stock Exchange. The shareholders authorised the board to issue, offer and allot in one or more tranches, securities in the course of domestic, international offerings to domestic, foreign investors, and institutional investors through a public issue, preferential issue and/or private placement. However, the total amount (including premium) raised through the aforesaid securities should not, together with the over-allotment option, if any, exceed Rs 150 crore, subject to necessary provisions & approvals. The shares of the company on Friday closed 1.1 per cent down at Rs 419 on the BSE.

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