Sagar Cements to issue warrants to promoter group

Sagar Cements Ltd has announced that the Board of Directors of the Company at its meeting held on August 30, 2006, has decided, subject to the approval of the shareholders and regulatory authorities, to issue 18,50,000 warrants of Rs 82/- each, each warrant convertible into one equity share of Rs 10/- at a premium of Rs 72/- per share, on a preferential basis to identified persons in the promoter group.

The warrants, which are convertible within an aggregate time period of 18 months from the date of allotment are proposed to be issued to part finance the expansion programme which would increase the capacity of the Plant from the present level of 5.5 lakhs tonnes of clinker to 20 lakhs tonnes p.a. and from 3 lakhs tonnes of cement to 21.5 lakhs tonnes p.a.

Source : Equity Bulls

Keywords