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Parrys Sugar Industries on Thursday said that it plans to issue preference shares to promoters upto Rs 100 crore and it will also increase the authorised capital by Rs 100 crore.
The company has called an extraordinary general meeting (EGM) on June 28 to obtain the approval of its shareholders on these issues.
“The board of directors of the company has decided to convene an EGM on June 28, to obtain the approval of the shareholders to increase the authorised capital of the company from Rs 75 crore to Rs 175 crore,” it said in a filing to the BSE.
The issue of eight per cent preference shares of Rs 10 each aggregating to a nominal amount not exceeding Rs 100 crore to the promoters or such other investors on such terms and conditions as the board may decide, the filing added.
The Bangalore-headquartered company is a subsidiary of EID Parry (India) Ltd and has three sugar plants with a combined crushing capacity of 11,500 tonnes of cane a day (TCD).
Shares of the company on Thursday closed at Rs 115 up by 0.44 per cent from its previous close at the BSE.
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