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Our Bureau

Mumbai, Dec 6

Varun Shipping Company has raised Rs 169 crore from allotting 2.25 crore equity shares at Rs 75 each (Rs 10 on capital account and Rs 65 on premium account) for cash to six entities.

The six entities are Caledonia Investments plc (1.51 crore equity shares), Sofina S.A (16.5 lakh), ICG Q Ltd (12 lakh), Societe Generale (12 lakh), IL&FS Trust Company Ltd A/c IL&FS Private Equity Trust — Leverage India Fund (15 lakh) and Khatau International Ltd (18.5 lakh), a promoter group company.

The Committee of Directors of the company also allotted 85 lakh OFCWs (Optional Fully Convertible Warrants) of Rs 75 each aggregating to Rs 63.75 crore, to three entities. The allottees are Khatau International Ltd (39.5 lakh OFCWs), Tarun Shipping and Industries Ltd (39.5 lakh) and Mr Arun Mehta (6 lakh), Vice Chairman and Managing Director of Varun Shipping. The company's shares were trading at Rs 67.2, down 1.03 per cent, Wednesday on BSE. The company had earlier planned a Singapore listing to raise $50 million but this was later dropped. Its fund requirements are now being met by these preferential allotments.

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