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Bangalore, Sept. 26 Deutsche Bank AG will take equity stake in BPL Ltd with the company’s board approving a proposal to make preferential issue of 24,25,500 equity shares and/or convertible securities to the bank or its nominees and affiliates in terms of applicable SEBI guidelines and which is expected to be completed after the company’s extra-ordinary general meeting.

In a statement, BPL Ltd said on Friday that the board of directors has also approved a qualified institutional placement of securities for which the board has authorised the chairman and managing director to decide the size and timing of the issue. BPL’s Chairman & Managing Director, Mr Ajit Nambiar, said the bank has been involved in the company’s restructuring earlier.

A company spokesperson did not give details about the price of the preferential issue. The proceeds of this issue will be used to fund long-term working capital requirement for the company’s Healthcare Management Solutions business and other general corporate purposes.

The BPL Healthcare Management Solutions’ division manufactures a range of medical equipment, particularly in the area of diagnostic equipment for doctors. The division has also signed a number of technology agreements with inventors across the world to bring the latest technologies in diagnostic equipment to India.

The spokesperson also said the company is in the process of implementing its 600-MW Ramagundam thermal power project.

The company’s stock price closed at Rs 30.95, a fall of about 10 per cent compared with the previous day’s closing price. A week ago, its price was Rs 36.15.

More Stories on : Foreign Banks | Preferential Allotments | Medical & Surgical Equipments

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