Financial Daily from THE HINDU group of publications
Tuesday, Nov 19, 2002
Financial Daily from THE HINDU group of publications Tuesday, Nov 19, 2002 |
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Markets
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Asset Management Companies Zurich AMC plans capital restructuring Our Bureau
NEW DELHI, Nov. 18 ZURICH Asset Management Company India Private Ltd (Zurich AMC) has sought permission from the Foreign Investment Promotion Board (FIPB) for converting 22,324,000 equity shares of Rs 10 each held by Zurich Finance (Mauritius) Ltd (ZFML) into non-convertible, redeemable, cumulative, non-participating preference shares of Rs 10 each. The company has also sought permission to transfer 5,581,000 equity shares of Rs 10 each of Zurich AMC held by the Indian shareholders to ZFML for a consideration of Rs 20.70 crore subject to compliance with the Reserve Bank of India pricing norms. As per the company's proposal, these preference shares will bear a coupon rate of 10 per cent and will have tenure of 20 years. The company has informed the FIPB that its Indian shareholders have decided to sell their stake in the company and as such it intends to restructure the capital structure for providing an exit option to the Indian shareholders. According to the plans, the foreign partner, namely ZFML proposes to surrender part of its existing equity and acquire additional equity from the existing resident shareholders leaving the overall foreign equity percentage unchanged at 75 per cent. Post restructuring the shareholding patters of the company however, will remain unchanged. ZFML will continue to hold 75 per cent, while Raymond Apparel Ltd's stake will continue to stand at 24.03 per cent. Similarly, JK Investo Trade (India) Ltd, Mr S.V. Prasad's holding in the company too will remain unchanged at 0.96 per cent and 0.01 per cent respectively. The proposal is currently under consideration of the FIPB.
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