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Our Bureau

Hyderabad , May 17

ANDHRA Pradesh Paper Mills Ltd has informed the stock exchanges that its shareholders at the extraordinary general meeting have approved a preferential offer and a rights issue.

The shareholders approved the preferential offer to IL&FS Trust and IVC Employees Welfare Trust in accordance with pricing formula stipulated by the SEBI (Disclosure and Investors Protection) Guidelines.

In terms of this, IL&FS Trust Company would be allotted 79,050 equity shares of Rs 10 each at a premium of Rs 116.50 per share aggregating Rs 99.99-lakh. The trustees of IVC Employees Welfare Trust would be offered 790 equity shares of Rs 10 each at a premium of Rs 116.50 per share aggregating Rs 99,935.

The members also approved increasing the authorised share capital of the company from Rs 23.75 crore to Rs 35 crore. They also cleared a resolution to consequentially amend the memorandum and articles of association of the company in this regard.

Further, the company said that its shareholders approved the issue of 1.19-crore equity shares of Rs 10 each for cash at a premium of Rs 85 per share on a rights basis to the members of the company (including the allottees for 79,840 equity shares covered by the preferential issue) in the proportion of one equity share of Rs 10 for every equity share held.

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