Arvind Mills’ promoters to up stake via pref issue
According to an official release issued by the company today, with the preferential issue, the shareholding of promoters in the company will increase from 33.90% at present to 46.77%. The company’s authorised share capital would rise to Rs 450 crore following issue.
The warrants are convertible into equity shares within a period of 18 months in one or more tranches at a price of Rs 52 per share, which is in excess of the price of Rs 51.95 per share calculated in accordance with the relevant Sebi guidelines.
Arvind Mills has also announced the appointment of Sanjay S Lalbhai as chairman of the company with effect from September 28, 2007. Lalbhai will be succeeding Arvind N Lalbhai who passed away in August this year.
The company’s stock prices rose 7.13% over the previous day’s close of Rs 58.20 to Rs 62.35.
