Online edition of India's National Newspaper
Sunday, Feb 13, 2005

About Us
Contact Us
Business
News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Classifieds | Employment |

Business Printer Friendly Page   Send this Article to a Friend

LML to raise Rs. 200 crores for revamp exercise

By Our Special Correspondent

NEW DELHI, FEB. 12. LML today announced a major restructuring exercise for raising of Rs. 200 crores from the overseas and domestic markets besides issuing preferential shares to banks and financial institutions. The company plans to broadbase its product range as part of its new turnaround strategy.

While approving the plan, the board of directors of the company approved amendments to Articles of Association to increase the authorised share capital from Rs. 60 crores to Rs. 250 crores. It was also announced that the company would be issuing fresh equity shares to overseas investors, warrants and by an overseas public offer of foreign currency convertible bonds (FCCBs) to raise a total of Rs. 120 crores, while mobilising around Rs. 60-80 crores through fresh working capital faculties.

As part of the restructuring package, the company would issue preference and equity capital (on a preferential basis) to its existing lenders (banks and financial institutions) for Rs. 120 crores, as a part of the negotiated settlement proposed by them, a company announcement said.

Printer friendly page  
Send this article to Friends by E-Mail

Business

News: Front Page | National | Tamil Nadu | Andhra Pradesh | Karnataka | Kerala | New Delhi | Other States | International | Opinion | Business | Sport | Miscellaneous | Engagements |
Advts:
Classifieds | Employment | Updates: Breaking News |


News Update


The Hindu Group: Home | About Us | Copyright | Archives | Contacts | Subscription
Group Sites: The Hindu | Business Line | The Sportstar | Frontline | The Hindu eBooks | The Hindu Images | Home |

Copyright 2005, The Hindu. Republication or redissemination of the contents of this screen are expressly prohibited without the written consent of The Hindu