Aditya Birla Nuvo to raise Rs4,000 crore through preferential offer to promoters
09 Jan 2008
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Mumbai: To augment its long term financial resources Aditya Birla Group flagship, Aditya Birla Nuvo Ltd., plans to raise Rs4,000 crore through a preferential offer to the promoters in the next 18 months, at a price determined as per the applicable SEBI guidelines.
The board of directors of the company, at their meeting held today approved the proposal, subject to necessary approvals.
The company proposes to issue to the promoters 2.05 crore warrants, exchangeable for one equity share of Rs10 each of Aditya Birla Nuvo against each warrant after 18 months from the date of allotment.
The board has decided to call an extra ordinary general meeting of the company on 6 February 2008 to obtain shareholder approval.
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