Business Daily from THE HINDU group of publications
Wednesday, Aug 29, 2007
ePaper
Business Daily from THE HINDU group of publications Wednesday, Aug 29, 2007 ePaper |
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Corporate
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Preferential Allotments Bombay Dyeing to raise Rs 300 cr
Mumbai, Aug. 28 Bombay Dyeing today said it has got shareholders’ approval to raise about Rs 300 crore through issue of warrants, representing up to five per cent stake in the company, on preferential basis to its promoter company Bombay Burmah Trading Corporation Ltd (BBTCL). Bombay Dyeing & Manufacturing Company has got shareholders’ approval to issue and allot up to 19.30 lakh warrants convertible into equity share of the company any time within 18 months from the date of issue in one or more tranches to BBTCL, it said in a filing to the Bombay Stock Exchange. The company would allot shares at a price arrived at by taking the average of the weekly high and low of the closing prices of the company’s shares quoted on the National Stock Exchange during the six months or two weeks preceding July 28. Earlier, BBTCL in a communiqué to the BSE had said it would invest Rs 300 crore for acquiring the warrants of Bombay Dyeing or other securities issued by BDMC in one or more tranches. The promoter group company, had also sought shareholders’ approval through a postal ballot for investing the amount to acquire the stake, the company said. Shares of the company closed at Rs 541.65, up 2.40 per cent on the BSE. – PTI
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