The board of directors of BOC India today approved a proposal for preferential allotment of shares to promoter Linde AG and/or wholly-owned subsidiaries to raise Rs 597 crore.According to a release issued to the BSE today, BOC will issue 3.62 crore shares of Rs 10 each at Rs 165 per share."The said 3,62,00,000 (three crore sixty two lakh) equity shares in the company to be issued to the allottee(s) on a preferential basis shall represent up to 42.45% of the total post-issue paid-up equity share capital of the company on a fully diluted basis. Post the preferential issue to the allottee(s), the aggregate shareholding of the promoter group shall move up from 54.80% to up to 73.99%," the release added.The board has also authorised, subject to shareholder approval, an increase in the authorised share capital of the company from Rs 60 crore to Rs 86 crore divided into 8.60 crore shares of Rs 10 each, the release added.The board has approved the convening of an EGM of shareholders on January 5, 2008 to consider the proposals.
