The board of Kolkata-based RPG group-owned CESC Ltd has decided to issue and allot 3.3 million new equity shares to the management group and its associates at a premium, subject to shareholders approval.
The promoters, which hold 38.27 per cent in the company, will see their stake hiked by 5.07 per cent to 43.34 per cent once the shares are allotted.
Meanwhile, the debt restructuring scheme of CESC which was passed by the Corporate Debt Restructuring cell recently, requires 40 per cent of the promoters holding in the company to be pledged to financial institutions.
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This means promoters will now have to pledge 17.36 per cent stake to them against 15.3 per cent required earlier when their holding in the company was 38.27 per cent.
In a parallel development, the company has reported a Rs 7.86 crore profit for 2002-03 after a gap of five consecutive years. Its profit before depreciation and tax stood at Rs 330 crore.
The company