Aro Granite to raise Rs 44cr

The board of directors of Aro Granite Industries, which met on October 14, 2006, has cleared a proosal to issue 3,69,000 convertible warrants of Rs 120 each, convertible into one equity share of Rs 10 at a premium of Rs 110 per share, on a preferential basis to an identified person in the promoter group.

According to a release issued by the company to the BSE today, the warrants are convertible within 18 months from the date of allotment.