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Southern Online plans rights issue
HYDERABAD: Southern Online Bio Technologies is coming out with a rights-cum-public issue to raise Rs. 17.10 crores to fund its diversification into bio diesel production. N. Satish Kumar, Managing Director, said in a release here that the company filed its draft prospectus with the Securities and Exchange Board of India on Monday for the proposed issue. The size of the issue will be 1.71 crore shares of Rs. 10 each at par. Of this, the promoters proposed to contribute Rs. 2.85 crores and the balance Rs. 14.25 crores would be raised by friends and relatives of the promoters and the public through the rights-cum-public issue. The proposed unit would commence commercial production by November 2005. The company also planned to get listed on the Bombay Stock Exchange, he said. — Our Special Correspondent
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