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Kajaria Ceramics Ltd on Tuesday said that its board has approved the issue of 20 lakh shares to WestBridge Crossover Fund LLC at Rs 250 a share.
On a disclosure to the exchanges, the Delhi-based company said it would also issue 38.8 lakh warrants to WestBridge Crossover Fund. The conversion price of the warrants has been fixed at Rs 257.37 apiece. Earlier, the tiles manufacturer had proposed to raise the foreign institutional investment (FII) limit in the company to 40 per cent of the total paid-up equity.
WestBridge Capital has been partnering with companies, such as Idea Cellular, Cognizant, Just Dial, Café Coffee Day and Manappuram Finance. “We currently manage over $800 million across multiple funds. The typical equity investment through our funds ranges between $10-50 million, resulting in a substantial minority equity ownership,” WestBridge says in its Web site.
In the April-June quarter, the FII holding in the company was placed at 18.41, up from the January-March quarter figure of 15.64 per cent.
According to the latest disclosures on the shareholding pattern of Kajaria Ceramics, HSBC Bank (Mauritius) Ltd A/C Jwalamukhi Investment Holdings holds 7.85 per cent, GMO Domestic Opportunities Fund 2.04 per cent and Citi Group Global Markets, Mauritius 2.03 per cent. Promoters hold 53.1 per cent.
Meanwhile, restricting foreign institutional investors from buying shares of the company, the Reserve Bank of India said Kajaria Ceramics has crossed limit of 24 per cent of its paid-up capital for investment by FIIs.
> jayanta.mallick@thehindu.co.in
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