Great Offshore to raise FII limit, issue securities

Great Offshore Ltd has announced that the Board of Directors of the Company at its meeting held on July 30, 2007, inter alia, has approved the following:

1. Increase in the investment limit by FIIs either by way of acquisition of Equity Shares under Portfolio Investment Scheme or any other permissible mode from the existing 24% of the issued and paid-up equity capital of the Company upto 49% of the issued and paid-up equity capital of the Company.

2. Offer and issue to Exim Bank of India Ltd, upto 1,500,000 redeemable preference shares of Rs 1000/- each optionally convertible into equity shares of the Company at a price of Rs 875/- per share (Rs 10/- face value + Rs 865/- Premium).

3. Issue of Foreign Currency Convertible Bonds (FCCBs) in the aggregate / equivalent to up to Rs 200 crores (or its equivalent in any foreign currency).

Source : Equity Bulls

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