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Cholamandalam DBS to raise Rs 300 Crores
Posted On : 2009-01-30 10:23:46( TIMEZONE : IST )
Cholamandalam DBS Finance Ltd has announced that the Board of Directors of the Company at its meeting held on January 30, 2009, inter alia, have approved the increase in the Authorised share capital of the Company from Rs 200,00,00,000/- (Rupees two hundred crores only) to Rs 400,00,00,000/- divided into 10,00,00,000 (ten crores) equity shares of Rs 10/- each and 300,00,000 (three crores) redeemable preference shares of Rs 100/- each subject to the approval of the shareholders.
The Board approved an issue of 3,00,00,000 1% Fully Convertible Cumulative Preference Shares (FCCPS) of Rs 100/- each at par aggregating to Rs 300 crs. to the M/s Tube Investments of India Ltd and M/s DBS Bank Ltd, existing promoters of the Company in equal proportion on a preferential basis. The FCCPS will be compulsorily convertible into equity shares of Rs l0/- each for cash at a price to be determined as per the SEBI (Disclosure and Investor Protection) Guidelines - within a tenor not exceeding 18 months. The terms of the preference shares stands amended to the above effect.
A capital restructuring proposal pursuant to Sections 78, 100 to 103 of the Companies Act, 1956 and other applicable provisions, subject to the approval of the Shareholders and the Hon'ble High Court of Judicature at Madras and other regulatory authorities as may be required, which involves utilisation of Rs 323.53 crs., being the balance standing to the credit of the Securities Premium Account as at March 31, 2008 for making certain provisions for standard assets, write off of bad debts, loan losses etc, to the extent required and diminution, other than temporary, in the value of investments, that may be required as at March 31, 2009.
The approval of the shareholders of the Company for the 1 & 3 are proposed to be sought through a postal ballot.
The stock closed the day at Rs.34, up by Rs.1.05 or 3.19%. The stock hit an intraday high of Rs.34.45 and low of Rs.32.20.
The total traded quantity was 1287 compared to 2 week average of 1534.
