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KS Oils increases FII limit to 49 pc
Our Bureau
Mumbai
,
Aug. 25
The Board of Directors of KS Oils has decided to increase the investment limit of Foreign Institutional Investors (FIIs) in the paid up equity share capital of the company up to 49 per cent of the total share capital/voting rights subject to the approval of the members at the Extraordinary General Meeting of the Company scheduled to be held on September 15, 2006, an official statement said.
The board has made an allotment of 9,00,000 equity shares of Rs 10/- each at a premium of Rs 215/- per share on preferential basis to the promoters and others as per the SEBI (DIP) guidelines, 2000.
"The money raised is being used to fund acquisition of the plant at Jodhpur, for increasing production capacity and venturing into newer geographies of operation. This will result in an efficient and cost effective "go to market strategy." The acquisition will specifically help the company service the Rajasthan market," said Mr Ramesh Garg, Chairman, KS Oils.
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