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Mudra Lifestyle to set up Spandex/Elastomeric yarn project
20 Dec '07
2 min read
Mudra Lifestyle Ltd has informed that the Board of Directors of the Company at its meeting held on December 19, 2007, inter alia, has decided the following:
1. Approval for setting up of Spandex/Elastomeric yarn project costing Rs 300 crores preferably in the State of Uttrankhand/Himachal Pradesh either directly as a division of the Company or through a subsidiary as may be decided by the Finance Committee of the Board. The project is proposed to be funded by contribution from Promoters by way of Warrants amounting to Rs 36 Crores, issuance of FCCB/GDR/ADR upto Rs 200 Crores and the balance by way bank loans.
2. In order to meet part of the requirement of funds for the expansion project and for general corporate purposes, the Board approved, subject to the necessary approvals,
a. the issue of 30,00,000 Equity Warrants of Rs 10/ each on preferential basis to Promoters at an effective price of Rs 120/- per equity warrant as against a minimum applicable price of Rs 95.56 per warrant (being higher of average price for twenty six weeks and two weeks prior to Relevant date i.e. December 19, 2007 as per applicable Rules) including premium of Rs 110/- per equity warrant, which may be converted at a later date into one equity share per each Warrant.
b. the issue of FCCB/ ADR/ GDR on a Preferential offer basis, up to equivalent of Rs 200 crores as per applicable Rules (being higher of average price for twenty six weeks and two weeks prior to Relevant datei.e. December 19, 2007) and decided to seek approval of shareholders for the purpose.
1. Approval for setting up of Spandex/Elastomeric yarn project costing Rs 300 crores preferably in the State of Uttrankhand/Himachal Pradesh either directly as a division of the Company or through a subsidiary as may be decided by the Finance Committee of the Board. The project is proposed to be funded by contribution from Promoters by way of Warrants amounting to Rs 36 Crores, issuance of FCCB/GDR/ADR upto Rs 200 Crores and the balance by way bank loans.
2. In order to meet part of the requirement of funds for the expansion project and for general corporate purposes, the Board approved, subject to the necessary approvals,
a. the issue of 30,00,000 Equity Warrants of Rs 10/ each on preferential basis to Promoters at an effective price of Rs 120/- per equity warrant as against a minimum applicable price of Rs 95.56 per warrant (being higher of average price for twenty six weeks and two weeks prior to Relevant date i.e. December 19, 2007 as per applicable Rules) including premium of Rs 110/- per equity warrant, which may be converted at a later date into one equity share per each Warrant.
b. the issue of FCCB/ ADR/ GDR on a Preferential offer basis, up to equivalent of Rs 200 crores as per applicable Rules (being higher of average price for twenty six weeks and two weeks prior to Relevant datei.e. December 19, 2007) and decided to seek approval of shareholders for the purpose.
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