Financial Daily from THE HINDU group of publications
Saturday, Jan 28, 2006
Financial Daily from THE HINDU group of publications Saturday, Jan 28, 2006 |
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Markets
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Private Placement India Infoline shareholders okay Bennett Coleman, DSP Merrill investment Our Bureau
Mumbai , Jan. 27 INDIA Infoline Ltd has received the shareholders approval for the proposed investment of Rs 80 crore by DSP Merrill Lynch Capital Ltd and another Rs 20 crore by Bennett Coleman & Company Ltd (BCCL). At the extraordinary general meeting of the company held on Wednesday, the company also received the shareholders approval for Rs 44.20 crore investment by promoters and directors by subscribing to 2.6 million warrants at an exercise price of Rs 170 per equity share, which is about 20 per cent higher than the price arrived at by considering the relevant date as per the SEBI guidelines, a company release said. DSP Merrill Lynch Capital Ltd, a 100 per cent subsidiary of DSP Merrill Lynch Ltd, will make the investment of Rs 80 crore via 8,000 optionally convertible bonds of Rs 1 lakh each. "This investment by DSP Merrill Lynch Capital Ltd shall help fuel the aggressive growth plans charted out by India Infoline," the release said. BCCL of the Times Group will invest Rs 20 crore through 1,176,471 equity shares at a price of Rs 170 per equity share. The EGM also decided to increase the authorised capital of the company from Rs 60 crore to Rs 80 crore.
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