Basant Agro to raise Rs 11cr

The board of directors of Basant Agro Tech (India), which met on February 13, 2006, approved proposals to raise Rs 11.14 crore via a rights issue and non-convertible debentures.

According to a release issued by the company to the BSE today, the meeting approved a 1:1 rights issue of 31,85,100 equity shares of Rs 10 each at a premium of Rs 15 per share (i.e issue price of Rs 25) aggregating Rs 7.96 crore.

"The meeting also approved an issue of 31,85,100 zero coupon non-convertible debentures (NCDs) of Rs 10 each aggregating Rs 3.18 crore. The NCDs are attached with a warrant entitling the warrant holder to subscribe for one equity share at Rs 30/- per share within 18 months," the release added.