Mumbai, Maharashtra, India
Aditya Birla Nuvo Ltd., a flagship Company of Aditya Birla Group, needs to augment funds to meet its investments / capital expenditure for its existing as well as new growth opportunities. To enhance its long term financial resources and thereby strengthening the financial structure, the Company has been exploring various options for raising funds.
The Board of Directors of the Company, at their meeting held on 9th January 2008, subject to necessary approval(s), has approved the proposal for raising over Rs. 4000 crores in the next 18 months through a preferential offer to the promoters at a price determined as per the applicable SEBI guidelines. It is proposed to issue 2.05 crores Warrants to the promoter/promoter group, the holder thereof will get one Equity Share of Rs. 10 each of the company against each warrant in 18 months from the date of allotment.
Accordingly, the Board has decided to call an Extra Ordinary General Meeting of the Company on 6th February, 2008 for obtaining the approval of its shareholders for the preferential issue.
Source: Aditya Birla Nuvo Limited (Business Wire India)