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GTL on way to Rs350 crore expansion

Jan '06
Gangotri Textiles Ltd (GTL) of Coimbatore on way to a major expansion plan is availing loan facilities of about Rs 273 crore. The expansion plan is expected to cost about Rs 350 crore.

Condition for sanctioning of loan by financial institution involves bringing in Rs 8 crore by way of equity capital.

GTL is going ahead to allot 16 lakh convertible share warrants through a preferential offer, valued at Rs 8 crore, to increase its equity stake in the company, informed Manoj Kumar Tibrewal, Managing Director, GTL at the issuing of notice to call extra-ordinary general meeting of share holders.

One equity share of Rs 5 face value, will be allotted at a premium of Rs 45 each to each warrant holder within a period of 18 months from the date of issue.

The equity capital of the company at present is Rs 9.60 crore, he said.

The promoter's stake has come down to 38.89 per cent after Ramesh Kumar Tibrewal, one of the promoters, disposed off a portion of his holding in the company.

Earlier around 69 per cent of the equity was held by the promoters.

The preferential issue will help to make capital base of the company strong and completion of projects faster, the EGM notice said.

Share warrant allotment would be completed within a period of 15 days of passing special resolution by the shareholders.

Mohanlal Tibrewal is proposed to be appointed as Executive Director of the company.

The EGM would be held on February 15 in Coimbatore to consider the two proposals.

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