The Hindu : Business : Sical to float rights issue

Online edition of India's National Newspaper
Friday, Dec 02, 2005

Business

Business

Sical to float rights issue

Special Correspondent

The company to be renamed Sical Logistics

CHENNAI: South India Corporation (Agencies) Limited, a SPIC Group company, will float a rights issue to raise Rs. 175 crore and detachable warrants aggregating up to Rs. 75 crore to the existing shareholders.

The company will also issue preferential shares aggregating up to Rs. 95 crore to select investors comprising HDFC, ICICI Bank, Lloyd George Investment Management (Bemuda) Ltd. and Pinnacle Trades and Investments Ltd.

It also proposes to come out with optionally convertible redeemable cumulative preference shares (option to convert in case of default in redemption of shares upon maturity) to raise up to Rs. 106 crore along with detachable warrants convertible into equity shares totalling up to Rs. 40 crore to MIE Pte Ltd.

In a communication to the National Stock Exchange (NSE), the company said these decisions were taken at a meeting of the internal committee held on Thursday. The committee, it said, had also proposed to change the name of the company to Sical Logistics Ltd.

These were, however, subject to various regulatory approvals, the communication pointed out. As a consequence, the authorised capital of the company would also be increased. The company had convened an extra-ordinary general body meeting on January 6, 2006, to get the approval of the shareholders.

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