Century Textiles shareholders nod to pref issue of warrants

Shareholders of Century Textiles and Industries in an extraordinary general meeting on Wednesday approved a preferential issue of 1.86 crore convertible warrants to four companies owned by Kumar Mangalam Birla and his family, the company said in a notice to the exchanges. Upon conversion of the warrants to equity shares the cumulative stake of the four companies, and consequently that of Birla, in Century Textiles will rise to 16.77 per cent from 0.08 per cent currently. The four companies are Aditya Marketing & Manufacturing, Essel Mining and Industries, IGH Holdings Pvt Ltd and Padmavati Investments Ltd. Following this, the total promoter holding in the company will rise to 50.2 per cent from 40.2 per cent.