Jindal Polyester to raise Rs 47cr

The board of directors Jindal Polyester, which met today, has approved a proposal to issue 13 lakh equity shares at a premium of Rs 350 per share on preferential basis to DEG Deustche Investitions, Germany.

According to a release issued to the BSE today, "the issue will raise Rs 46.80 crore in compliance with SEBI guidelines on preferential issues."

The board has also approved the execution of subscription agreement with DEG, and amendments in the Articles of Association.

The board also approved a proposal to issue shares via rights or ADRs/GDRs to raise Rs 30 crore.

"The board also approved a plan to increase the authorised equity capital from Rs 20 crore to Rs 30 crore by reducing preference share capital from Rs 185 crore to Rs 175 crore," the release said.

The proposals will have to be approved at the EGM to be held on January 31, 2005, the release said.