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PRESS
RELEASE
9
January 2008
Aditya
Birla Nuvo to raise Rs. 4000 crores through a preferential offer
to the promoters
Aditya
Birla Nuvo Ltd., a flagship company of the Aditya Birla Group
needs to
augment funds to meet its investments / capital expenditure
for its existing as well as new growth opportunities. To enhance
its long-term financial resources and thereby strengthening
the financial structure, the company has been exploring various
options for raising funds.
The Board
of Directors of the company, at their meeting held on 9 January
2008, subject to necessary approval(s), has approved the proposal
for raising over Rs. 4000 crore in the next 18 months through
a preferential offer to promoters at a price determined as
per the applicable SEBI guidelines. It is proposed to issue
2.05 crore warrants to the promoter/promoter group, the holder
thereof will get one equity share of Rs. 10 each of the company
against each warrant in 18 months from the date of allotment.
Accordingly,
the Board has decided to call an extra ordinary general meeting
of the company on 6 February 2008 for obtaining the approval
of its shareholders for the preferential issue.
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