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The Chennai-based Butterfly Gandhimathi Appliances Ltd informed the BSE on Friday, that its board has approved issuance and allotment of 24.51 lakh equity shares on a preferential basis to Reliance Alternative Investments Fund — Private Equity Scheme for a consideration of Rs 100 crore.
Following this development, the company has inducted Mr R.S. Prakash into the board as a nominee director of Reliance Alternative Investments Fund.
Butterfly Gandhimathi manufactures and markets a range of kitchen appliances, from pressure cookers to mixer grinders, under the brand name ‘Butterfly'. The company, in March, announced the stock exchange that it would issue equity shares to the PE investor at a premium of Rs 398 a share.
The preferential issue would constitute 13.7 per cent of the total post issue paid-up equity share capital of the company computed on a fully diluted basis.
The company is planning to utilise this fund for capacity expansion and some upstream projects.
rravikumar@thehindu.co.in
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