Financial Daily from THE HINDU group of publications
Saturday, Sep 24, 2005
Financial Daily from THE HINDU group of publications Saturday, Sep 24, 2005 |
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Corporate
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Rights Issue Ceat to raise Rs 52.7 cr through rights issue; to merge subsidiaries Our Bureau
Mumbai , Sept. 23 CEAT Ltd proposes to raise Rs 52.7 crore through a rights issue in the ratio of three shares for every 10 shares held. The issue has been priced at Rs 50 per share, which is at a discount of about 45 per cent to Thursday's closing price for the share on NSE, an official statement said on Friday. "Ceat's revenue has grown by about 40 per cent in the last three years. It is expected to cross Rs 2,000 crore during the current fiscal. The proceeds of the rights issue would be utilised for augmenting long term resources of the company for further growth," it said. The company has also decided to merge its three wholly owned subsidiaries with itself. "The three subsidiaries are Ceat Ventures Ltd, Ceat Holdings Ltd and Meteoric Industrial Finance Company Ltd. These three subsidiaries are 100 per cent owned by Ceat Ltd. All three holding companies have their registered office in Mumbai. "The merger will be effective from April 1, 2005, and the company expects the merger formalities to be completed by the end of the current financial year 2005-06.
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