Usha Martin promoters to pump in Rs 335crBS Reporter / Mumbai November 20, 2007Usha Martin plans to raise equity capital of Rs 335 crore. The company plans to raise the funds through preferential allotment of upto 3.85 crore warrants convertible into equity shares to its promoters.According to a release issued by Usha Martin to the BSE today, the warrants would be convertible at Rs 87 each, including a premium of Rs 86 per share. Within its overall borrowing limit of Rs 2,500 crore, the company is also seeking shareholder approval to borrow funds and to mortgage or lease the company's properties from time to time. The company's board had earlier approved enhancing the scope of capital project from Rs 1,250 crore to Rs 2,100 crore to cover enrichment and optimization of mineral resources, enhancing capacity for captive power generation and value added products.The incremental expenditure of Rs 850 crore was to be part funded by the preferential allotment of warrants over the next 18 months. The balance would be through debt and internal accruals. With diversified interests in telecom, software, mining and manufacturing, the $750 million Usha Martin group owns Ushacomm and Eppixcomm, world's leading providers of business support systems (BSS) for fixed, mobile, broadband/IP, cable, and satellite markets across America, Europe, Middle East, Africa and Asia Pacific. The group had earlier acquired UK-based outsourcer Converso Contact Centres. The acquisition was aimed at spearheading the Group
