Eveready Ind to raise FII investment limit
The board of Eveready Industries Limited would seek shareholders' approval for raising the investment limit for foreign institutional investors (FIIs) from 24 per cent to 49 per cent of the company's paid-up capital.
By PTI |
KOLKATA: The board of Eveready Industries Limited would seek shareholders' approval for raising the investment limit for foreign institutional investors (FIIs) from 24 per cent to 49 per cent of the company's paid-up capital.
Company sources said that the enhancement of the FII limit was required to allow greater participation by the overseas investors and to provide depth and liquidity of Eveready's shares.
Recently, the company had raised $33 million through the GDR route which would be utilised in reducing the debt burden of Eveready.
Sources said that Eveready, which is a major player in dry cell segment, is expected to earn an additional revenue of Rs 130 crore following acquisition of BPL Soft Energy Systems Limited.
The packet tea segment of the company was also expected to be a major revenue earner for Eveready.
To unlock value, the company is also planning to develop real estate in cities like Chennai, Hyderabad and Noida.
Eveready has also diversified in the business of manufacturing mosquito coils.
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