Champagne Indage to consider raising funds worth Rs 120 Crores

Champagne Indage Ltd has announced that a meeting of the Board of Directors of the Company will be held on October 31, 2008, inter alia, to consider the proposal to raise long tern financial resources, up to a sum of Rs 120 crores, in addition to the raising of resources already approved by the Board of Directors on June 17, 2008 by issue of Foreign Currency Convertible Bonds (FCCB's), Debentures and / or Securities whether Partly Convertible or fully convertible into Equity Shares, External Commercial Borrowings (ECB's) convertible into equity and / or with a right to the Lender to subscribe for equity shares and / or issue of Equity Shares and / or Convertible Equity Share Warrants to the identified investors, QIB and / or promoters / promoter group entities on preferential basis at a price and on the terms and conditions to be determined in accordance with the applicable SEBI Guidelines.

The above borrowings are within the limit of the approval accorded by the shareholders at the AGM held on September 29, 2008. The Board, if necessary will convene Extraordinary General Meeting to seek approval of the shareholders.

Source : Equity Bulls

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