The Hindu Business Line : Shareholders of Oil Country okay equity offer to IDBI

OIL Country Tubular Ltd has informed the stock exchanges that its shareholders at the annual general meeting held here on Friday have authorised the board of directors to offer, issue and allot up to 50-lakh equity shares of Rs 10 each to Industrial Development Bank of India (IDBI) in accordance with loan agreement entered with the bank.

The company has further informed that it has received a Letter of Intent from ONGC valued at $26.66 million (around Rs 122.3 crore) on September 17 for castings to be supplied during 2004-05 and 2005-06. With these, the order book position as on date improved to Rs 205 crore.

The company informed the exchanges that it expects to achieve about Rs 40-crore turnover for the half-year ending September 30, 2004 and the total annual turnover for 2004-05 is expected to be around Rs 130 crore as against Rs 100 crore achieved during 2003-04.

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