| Jai Balaji to dilute 15% stake to VCs |
| BS Reporter / Kolkata December 17, 2007 |
| Kolkata-based steelmaker, Jai Balaji Industries, is diluting 15% stake in favour of Citi Venture Capital Fund and India Equity Partners, as part of its Rs 587 crore fund raising programme. Citi Venture Capital Fund and India Equity Partners would be investing by way of subscribing to 61.18 lakh and 22.41 lakh compulsorily convertible debentures of Rs 326.90 each respectively to be converted into one equity share per debenture agreegating to Rs 273.25 crore representing 11% and 4% of the diluted equity share per debenture allotment. The company would simultaneously issue to the promoters and others, 96 lakh warrants at Rs 326.90 each to be converted into equity shares within a period of 18 months. The preferential allotment is subject to approval of the shareholders at the company |
