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Stake Sale
Trent revises structure of fund raising
Posted On : 2006-10-10 11:07:38( TIMEZONE : IST )
Trent Ltd has announced that the Board of Directors of the Company at its meeting held on October 10, 2006 has re-considered the earlier financing structure and its has now been decided to raise a part of the total funds required through:
1. A Preferential Issue of Equity Shares with attached Warrants to the Promoters and thereafter.
2. A Right Issue of Equity Shares to all the Shareholders.
The Earlier Proposal to have a simultaneous but unlinked Rights Issue of Non-convertible Bonds with Warrants has been dropped.
1. The quantum of the Preferential Issue of Equity shares would not exceed 5% of the existing Equity Share Capital. The quantum of Warrants to be issued on Preferential basis would also not exceed 5% of the existing Share Capital. While the Preferential Issue of Equity Shares would be allotted during the current financial year 2006-07, the Warrants would have the right to subscribe to Equity Shares only in the next financial year 2007-08.
The terms and the price of the Preferential issue of Shares and Warrants will be in accordance with SEBI (Disclosure and Investor Protection) Guidelines. The total amount through this issue is expected to be between Rs 100 Crores to Rs 120 Crores over two financial years.
2. Immediately after the Preferential issue to the Promoters, it has been decided to issue Equity Shares on a Rights basis to the existing Shareholders in the ratio of 1:5 at a price of Rs 500/- per share. The issue size is estimated to be in the range from Rs 152 Crores to Rs 165 Crores.
In July 2005, the Company had made a Rights Issue of Partly Convertible Debentures with Detachable Warrants. These Warrants have a right to subscribe to Equity Shares on payment of Rs 650/- per share after completion of 54 months from the date of allotment. The terms of the earlier Issue also provided that in the event the Company makes a further issue of shares on Rights basis, the Warrant holder would have an option to exercise his right to subscribe to Equity shares prior to the new Rights Issue. For this purpose the Directors have determined October 12, 2006 to be the specified date for the purpose of informing the Warrant Holders of the Warrant conversion procedure.
The Board has constituted a Committee of Directors and delegated powers to such Committee to do all acts and deeds as may be required with regard to the proposed Preferential Issue and the Rights Issue.
