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Home / Knowledge / News / Textiles / Shri Lakshmi Cotsyn Ltd raises project costs

Shri Lakshmi Cotsyn Ltd raises project costs

20
Oct '08

Shri Lakshmi Cotsyn Ltd has informed BSE that the Board of Directors of the Company at its meeting held on October 20, 2008, inter alia, have decided the following:

1. Revised the cost of Project from Rs 350 Crores to Rs 365 Crores due to delay in the proposed implementation of the Terry Towel and Captive Cogeneration Power Projects.

2. In view of present volatile market condition of Capital Market, the company has decided to raise the quantum of Term Loan from Rs 170 Crores to Rs 250 Crores. The Company has already invested in the project Rs 40 Crores from internal accruals and balance Rs 75 Crores will be raised by way of Share Warrants, QIP, PE / PP, FCCB, GDR's /ADR'S, etc.

3. Postponement of the EGM scheduled to be held on October 31, 2008.

Shri Lakshmi Cotsyn Ltd

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