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Corporate - Preferential Allotments


Igarashi Motors to make pref offer at Rs 214 a share

Our Bureau

Chennai , Jan 3

IGARASHI Motors proposes to issues 11.25 lakh shares to two companies — T Rowe Price International based in Hong Kong and Lloyd George Investment Management (Bermuda) Ltd - at Rs 214 a share.

A notice to shareholders from the company says that the "pricing is higher than that arrived at pursuant to the guidelines issued by SEBI." It also says that the issue "would not result in the change in control over the company."

The funds raised would be used for a "combination of initiatives" that include capital expenditure, initiatives for growth and working capital and debt management.

At the beginning of the financial year, Igarashi Motors had mentioned its intention to invest about Rs 80 crore in capital expansion, over a two-and-a-half-year period.

In April, it issued 8.5 lakh shares at Rs 180 apiece to a global equity investment fund called Aeneas Evolution Portfolio.

Aeneas also picked up 8.5 lakh warrants for Rs 18 each, which are optionally convertible into shares for a further price of Rs 162 each.

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