Coromandel Cements proposes Rs 27cr float

Coromandel Cements Ltd proposes to raise Rs 27 crore by way of public issue with a green shoe option of up to 15 per cent of the capital.

The company seeks to obtain its shareholders consent in this regard at an extraordinary general meeting (EGM) to be held on December 13, 2005.

Coromandel has informed that it would allot 41.96 lakh warrants on preferential basis in one or more tranches convertible into an equal number of equity shares of the face value of Rs 10 each, for cash at a conversion price of Rs 10 each, subject to necessary approvals and provisions.

It would also allot on a preferential basis 10 lakh equity shares of Rs 10 each to S Ramesh Chandra, S Chandra Mohan and S Kishore Chandra.

The company proposes to increase its authorised share capital from the existing Rs 15.50 crore to Rs 19.50 crore.

It also wants to obtain the shareholders' consent for borrowing money up to an amount not exceeding Rs 150 crore.