The Hindu Business Line : Igarashi Motors to raise Rs 110 cr

Igarashi Motors India Ltd intends to make a preferential allotment of equity shares on private placement basis to raise Rs 110 crore, the company informed the BSE today. The company's board which met today also decided to seek an increase in authorised share capital from Rs 20 crore to Rs 22 crore.

An extraordinary general meeting of the company is to be held on December 27 to obtain shareholders' approval for the move. The board also decided to forfeit the application money of Rs 1.53 crore paid by Aeneas Evolution Portfolio Ltd. The US-based hedge fund bought convertible warrants for the sum but did not opt to convert the warrants into equity shares.

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