The board of directors of Todays Writing Products, which met today, approved a proposal to raise up to $20 million via FCCBs.According to a release issued by the company to the BSE today, the meeting also approved a proposal to issue 40 lakh fully convertible warrants of Rs 10 each (20 lakh warrants to the promoters and 16 lakh warrants to others) on the basis of the formula approved by Sebi."The meeting also approved a proposal to hike the FII investment limit in the company from 24% to 49%," the release added.In view of the proposed issue of FCCBs and warrants, the board has decided to hold in abeyance a follow-on public Issue of 50 lakh shares at Rs 78 per share aggregating to Rs 39 crore, the release said.
