Mount Everest Mineral Water makes Rs 8-cr preferential offer
By Our Convergence Bureau | 24 Dec 2003
Mumbai: Mount Everest Mineral Water Ltd has made an offer of optionally convertible debentures (OCDs) aggregating to Rs 8.10 crore to a group of financial investors and a promoter of the company.
The OCDs are convertible into equity shares at a price of Rs 22 per share within 18 months from the date of allotment. On conversion, the investors will have 13.97 per cent of the post of issued share capital.
The capital structure is as under:
| Present | Post-conversion | |||
| No of shares | Percentage | No of shares | Percentage | |
| Promoters | 1,31,52,543 | 58.02% | 1,36,52,543 | 51.81% |
| Public | 95,17,057 | 41.98% | 95,17,057 | 36.12% |
| New investors | - | - | 31,81,818 | 12.07% |
| Total | 2,26,69,600 | 100% | 2,63,51,418 | 100% |
The funds are to be utilised for the repayment of bank loan, expansion of capacity and the working capital of the company. The issue is subject to the approval of the shareholders in the extraordinary general body meeting to be held on 17 January 2004 and other statutory approvals.
Mount Everest Mineral Water bottles water at source at Dhaula Kuan village in Himachal Pradesh and markets the same under the brand name Himalayan. Himalayan, the pure and natural mineral water from the Himalayan mountain ranges is the only natural mineral water in India.
