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Stake Sale
Kew Industries to raise funds
Posted On : 2007-01-04 19:02:41( TIMEZONE : IST )
Kew Industries Ltd has announced that the Board of Directors of the Company at its meeting held on January 04, 2007, inter alia, has decided to raise funds as mentioned below which will be used for acquisition of a casting, forging and machining facility in Punjab as per MOU.
1. To issue 5 million NCD of face value of Rs 40/- each to a private equity investor.
2. To issue 5 million convertible warrants at a price of Rs 40/- each to a private equity investor on preferential basis.
3. Preferential Allotment of 20,00,000 equity shares of Rs 10/- each at a premium of Rs 30/- each aggregating to Rs 40/- per share to investors who are not considered as promoters.
In addition to this, it was decided to raise funds amounting to US $ 10 million by way of QIP / FCCB / GDR for setting up the new manufacturing facilities for meet the growing demand mainly from existing customers where Company enjoys tier-I supplier status as well as to meet with the growing export demand. The Company also plans to use this capacity to enter into replacement market through dealership network.
The price arrived for allotment of warrants and preferential allotment of equity shares is in conformity with Guidelines for preferential issue under chapter XIII of SEBI (Disclosure & Investor Protection) Guidelines, 2000.
Accordingly, it has been decided to call an Extra Ordinary General Meeting of the Company on February 06, 2007 to consider and approve the above mentioned matters.
