Wadia group flagship Bombay Dyeing today said it would raise over Rs 119 crore through the issue of convertible warrants to Bombay Burmah Trading Corporation (BBTCL), a promoter group company.A letter of offer was issued to BBTCL on August 28, for the said number of warrants and BBTCL has accepted the above offer and has paid 10% of the price fixed as per SEBI guidelines, Bombay Dyeing said in a filing to the Bombay Stock Exchange.The committee of directors at its meeting today approved the allotment of 19.30 lakh warrants convertible into equal number of shares, representing up to 5% stake in the company at Rs 616 each that would be issued to BBTCL on a preferential basis.In August, Bombay Dyeing had received shareholders' approval for the said warrants issue.Earlier, BBTCL in a communique to the BSE had said it would invest Rs 300 crore in Bombay Dyeing in one or more tranches.The promoter group company, had also sought shareholders' approval through a postal ballot for investing the amount to acquire the stake.Shares of Bombay Dyeing were trading at Rs 611.45, up 4.66% on the BSE in afternoon trade.
