Saurashtra Cement will seek shareholders' nod to increase its authorised share capital from present Rs 135 crore to Rs 195 crore during the annual general meeting on December 30, 1999.
The company proposes to increased the equity capital to Rs 130 crore from Rs 70 crore.
It plans to issue 2.50 crore shares of Rs 10 each; the board will have the power classify the same and to attach rights, privileges and conditions with them.
The preference share capital, however, shall be reduced from Rs 60 crore to Rs 40 crore. After getting the shareholders nod, the board likely to consider rights issue of shares amounting to Rs 100 crore.
The company plans to modernise and expand its production capacity of cement from the present 1.3 million tonne to 2.4 million tonne by adding a second line at its plant in Ranavav, which will be completed by September 2000. It also built a captive jetty at Porbandar which is likely to be commissioned by March 2000. The cost of expansion cum modernisation is estimated at Rs 250 crore. meta name="description" content="Television Eighteen proposes to launch a vortal, a portal cum vertically integrated website, to allow users to not only receive customised information but also stock trading and bonds trading.">
