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Hindusthan National Glass & Industries Ltd on Thursday said that it would issue new equity shares at a premium on a rights/preferential basis or through a convertible instrument. The issue size would not be more than Rs 300 crore.
According to Senior Vice-President and Chief Financial Officer L.N. Mandhana, the board has approved the proposal “in principle.” The company will soon seek approval of the shareholders.
“Details on the share premium and the specific instrument will be taken up with the shareholders soon,” Mandhana said. He, however, did not say when the shareholders’ meeting would take place.
The company in a notice to the BSE said: “…the Board of Directors…have approved to issue new equity shares of face value of Rs 2 each, at a premium, issue size aggregating up to Rs 300 crore on rights/preferential basis, either as direct equity or through a convertible instrument.”
Results
The company reported a net loss of nearly Rs 28.5 crore for the quarter ending September 30. It had reported a profit of nearly Rs 17 crore in the corresponding quarter last fiscal.
The loss was primarily due to finance costs of nearly Rs 44 crore and lower sales.
During the September quarter, net sales stood at around Rs 386 crore (Rs 421 crore).
The company’s share was at Rs 196.50, down 0.38 per cent, on the BSE on Thursday.
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