The board of directors of LML, which met today, has approved a proposal to raise up to $30 million by issuing foreign currency covertible bonds (FCCBs).According to a release issued to the BSE today, the board also approved a proposal to hike authorised capital from Rs 60 crore to Rs 250 crore divided into equity capital of Rs 100 crore and 0.001% preference shares of Rs 150 crore."The board also approved a proposal to issue 45,00,000 equity shares to Morrington Investments, Mauritius on a preferential basis at Rs 49.30 including premium of Rs 39.30 per share and 27,00,000 share warrants to Waterloo Investments, Mauritius on a preferential basis with right to apply for equity shares at Rs 49.30 including premium of Rs 39.30," the release added.The meeting also cleared a plan to issue up to 20 lakh shares on preferential basis to existing lenders at their option at Rs 49.30 per share. The lenders include IFCI (3.63 lakh shares), IDBI (3.57 lakh shares) and SBI (4.62 lakh shares), and IIBI, ICICI Bank, Exim Bank, BoB and Corporation Bank.An EGM will be held on March 15, 2005 for shareholder approval of the above proposals, the release added.
