Surana to raise funds for Raichur plant
An Extra ordinary General Meeting (EGM) has passed a resolution for raising the the authorised capital from Rs 50 crores to Rs 70 crores.
By TNN |
CHENNAI: Chennai-based steel manufacturer Surana Industries’ secured clearance from its board and shareholders for raising funds for the integrated steel plant project at Raichur in Karnataka.
It is setting up a new Integrated Steel complex at Raichur at a total cost of Rs.473 crores. The plant will have capacity to produce 128,000 tonnes of Sponge Iron, 136,700 tonnes of Steel melting shop and 132,500 tonnes of Rolling Mill annually.
The new integrated steel complex is being set up to manufacture special steels mainly meant for automotive industries and is expected to be operational in December 2007.
An Extra ordinary General Meeting (EGM) has passed a resolution for raising the the authorised capital from Rs 50 crores to Rs 70 crores.
The company has also secured approval for raising the limit on the stake of foreign investors’ shareholding from 40% to 75%. It also got nod for a preferential issue of equity to promoters and promoter group, including their relat to the extent of Rs 30 crores.
It will also issue of Foreign Currency Convertible Bonds (FCCB) / Global Depository Receipts (GDR)/ American Depository Receipts (ADR) to Foreign Body Corporate / Foreign Nationals/Indian Non-Residents / Indian Nationals to the extent of $ 50 million.
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