Lakshmi Precision to issue shares, GDR / ADR / FCCB, increase FII limit

Lakshmi Precision Screws Ltd has announced that the Board of Directors of the Company at its meeting held on December 12, 2006, has considered and approved the following matters subject to approval of the members of the Company at the ensuing Extra-Ordinary General meeting:

1. Proposal for issuing 9,00,000 equity shares of Rs 10/- each on preferential basis at a premium of Rs 91/- each share aggregating to Rs 9.09 crores.

2. Proposal for raising additional resources through issue of Global Depository Receipts (GDR) / American Depository Receipts (ADR) / Foreign Currency Convertible Bonds (FCCB) / Qualified Institutional Placements (QIP) in one or more tranches for an amount not exceeding US$ 10 million.

3. Increase in the Borrowing limit up to Rs 100 crores.

4. Increase in the FII shareholding limit up to 49% of the paid up equity share capital.

5. Convening the Extra Ordinary General meeting of the shareholders of the Company on January 04, 2007 to consider and approve the above matters.

Source : Equity Bulls

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