The Hindu Business Line : Exide Ind finalises pref issue to Mauritius firm

EXIDE Industries of the Rahejas has finalised private placement of its proposed preferential issue of 37,79,324 fresh equity shares of Rs 10 each to Aranda Investments (Mauritius) Pte Ltd at Rs 153 per share.

The issue will have a one-year lock-in period. The allotment price was finalised following the SEBI guidelines on December 7. Exide is currently quoting around Rs 170.

The issue, subject to approval by shareholders at an extraordinary general meeting scheduled to be held on January 6, will reduce the holdings of the promoting company Chloride Eastern of Singapore from 51.46 per cent to 48.87 per cent.

The sources said that post allotment, the combined stake of foreign institutional investors in the company will see an increase from 1.89 per cent to 6.83 per cent. Total non-promoter shareholding will increase from 28.28 per cent to 31.9 per cent.

While Aranda will hold 5.04 per cent of the post-preferential allotment equity capital, the stake of the existing FII shareholders will decrease to 1.79 per cent. Total public shareholding including OCBs and others will be reduced from 20.26 per cent to 19.23 per cent. "Our market float was very limited. The issue will definitely enhance that," according to a company source.

The issue will also increase Exide's paid-up equity capital from the existing level of Rs 71.22 crore to Rs 75 crore.

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