Sirpur board to take up pref issue on Jan 23

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The board of Sirpur Paper Mills will meet on January 23 to consider the proposal of raising funds for expansion project and modernisation scheme by making a preferential allotment or rights issue or a private placement.

The board will evaluate various options including issue of ordinary shares, warrants, debentures, secured premium notes, floating rate bonds or other securities.

Aravali Securities and Finance, an outfit belonging to the promoters, has recently bought the AP government's 6.35 per cent stake (5,29,131 shares) in the company at a price of Rs 67 per share.

Promoters stake as on June 30, 2003 stood at 43.25 per cent, of which Aravali Securities was holding 29.97 per cent.