The Hindu Business Line : Arvind Mills board okays warrant issue; EGM on Oct 23

CHENNAI: Arvind Mills Ltd has informed the BSE that the board of directors at a meeting on September 28 decided to issue 5.06 crore warrants convertible into equity shares to the promoter and/or promoter group on preferential basis, subject to approval o f shareholders.

The warrants are convertible into equity shares within a period of 18 months in one or more tranches at Rs 52 per share, which is in excess of the price of Rs 51.95 per share calculated in accordance with the relevant SEBI Guidelines for preferential iss ue.

With the aforesaid preferential issue, the shareholding of promoter/promoter group will increase from 33.90 per cent currently to 46.77 per cent.

The board also appointed Mr Sanjay S. Lalbhai as Chairman and Managing Director with effect from September 28 in place of Arvind N. Lalbhai, who passed away on August 3.

The board plans to convene an EGM on October 23 to obtain shareholder approval for preferential issue, increasing the authorised capital from Rs 320 crore to Rs 450 crore and issue equity shares and other securities under Employee Stock Option Scheme to employees of the company and its subsidiaries. - Our Bureau

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