The proposed fund mop-up is mainly for setting up of a USD 97 million forged and machined auto components project at Kolabira near Jamshedpur in Jharkhand. "The company has already tied up USD 14-million term-loan from IFC and Rs 100 crore from Exim Bank for the project,
The project is for manufacturing of auto components such as front axel beams, crankshafts, connecting rods and stub axles.
Equity and internal accruals would take care of project financing worth USD 34 million and term loans of USD 63 million would fund the balance expenditure.
The company has sought shareholders' approvals on the proposal at an EGM here on January 7. It has planned to issue up to 21.48 lakh shares to World Bank arm IFC at Rs 128 a share.
It also has planned preferential issue up to 7.81 lakh shares to Eastern Credit Capital (P) Ltd, a promoter entity at the same price. Some 30.77 lakh convertible warrants has also been planned for Eastern Credit at the price of Rs 130 a share.
Meanwhile, the company said it entered into an agreement for the acquisition of Globe Forex and Travels Ltd, a member of IATA. The Rs 159.85-crore Globe Forex is engaged in the business of travel and travel related services.
At 12:40 hours IST, the stock rose 1.73 percent to Rs 108.50 on the Bombay Stock Exchange. Market capitalisation of the company currently stands at Rs 196.91 crore.
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(With inputs from The Hindu Business Line)
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