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Exide to allot shares to FII
By Our Special Correspondent
KOLKATA. JAN. 6. Exide Industries Ltd . has decided to allot fresh equity shares to foreign institutional investor, Aranda Investments (Mauritius) Pte Ltd. The 37.79 lakh shares amount to 5.04 per cent stake. Post-issue, the promoters' stake, held by Chloride Eastern Ltd., is slated to decrease to 48.87 per cent from 51.46 per cent, according to company sources. The holding of FIs and FIIs will increase from 28.28 per cent to 31.9 per cent while that of the Indian public would drop marginally. The issue price has been fixed at Rs. 153 per share.
The shareholders today approved the issue at an extraordinary general meeting. The Rs. 57.82 crores raised thus is proposed to be utilised to part-finance the long-term fund requirements of the company.
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