The Hindu Business Line : NCL Ind to issue pref shares to First Carlyle

NCL Industries Ltd has proposed to opt for a preferential issue of equity shares to First Carlyle Ventures Mauritius or, at its sole discretion, any one of its nominees and/or affiliates.

Simultaneously, it wants to extend the offer to the promoters group as well as the investors. The company has also decided to fix the ceiling for total holding of all FIIs up to 49 per cent of the paid-up share capital.

Informing these developments to the BSE, the company said the preferential issue to the Mauritian firm would also include without limitation First Carlyle Ventures III and/or any other growth fund/venture capital fund owned or managed by Carlyle Asia Growth Partners III, LP (Investors), one of the major private equity investors, for subscription of 79,41,177 equity shares of Rs 10 each at a price of Rs 68 per share or the price as calculated under the SEBI guidelines.

The preferential issue of 44,11,765 equity share warrants to promoters group and 19,85,294 equity share warrants to the investors, carrying an entitlement to subscribe to equivalent number of equity shares of Rs 10 each, within a period of 18 months from the date of allotment, at Rs 68 per share or the price as calculated under the SEBI guidelines.

The board of directors of the company, at its meeting held on December 24, has decided to convene an extraordinary general meeting of shareholders on January 25 to seek the approval of the shareholders for these proposals.