Easun gets shareholders' nod

The shareholders of Easun Reyrolle today approved a preferential allotment to Power Ventures Holdings (India) that would allow the latter to hold 5.86 per cent of the company's equity.

The preferential allotment is to be made at a price of Rs 154 a share and would help Easun Reyrolle raise Rs 3 crore. The money is being raised to finance Easun's expansion plans in the power sector.

Easun Reyrolle is engaged primarily in the manufacture and sale of protection products and systems for power generation, transmission and distribution. Of late, the company has also entered into newer areas in the power sector such as sub-station automation, meters and manufacture of medium voltage switchgears.

Once the shares are allotted to Power Ventures, the public holding (excluding institutions and corporates) in the company will come down from 42.18 per cent to 39.71 per cent.