RPG Transmission to raise Rs 23cr

The board of directors of RPG Transmission, which met today, has cleared a preferential issue of Rs 23.29 crore by issuing up to 27,50,000 equity shares of Rs 10/- each at Rs 84.70 (including a premium of Rs 74.70).

This was announced in a release issued by the company to the BSE today.

The meeting also approved re-classification of the present authorised capital of Rs. 20 crore into 1.80 crore equity shares of Rs 10 each and 2 lakh redeemable preference shares of Rs 100 each.

"The company will issue 1,27,980 zero coupon redeemable preference shares of Rs 100 each, totalling Rs 1.28 crore to Industrial Development Bank of India (IDBI) as part of the CDR package," the release added.

An EGM will be held on July 25, 2005, for considering the above proposals, the release added.