IOL Chemicals to issue shares, debentures and warrants

MUMBAI: Industrial chemicals manufacturer, IOL Chemicals on Friday said it will issue equity shares worth nearly Rs 10 crore to a private equity fund investor IndiaStar (Mauritius).

The company will issue up to 13.30 lakh equity shares of face value Rs 10 each at a premium of Rs 65 per share to IndiaSTAR (Mauritius), non-promoter of the company, subject to shareholders' approval, it informed the Bombay Stock Exchange.

The company would also issue 13.99 lakh fully convertible debentures of Rs 100 each to Indiastar. The debentures are convertible within 18 months of the date of allotment of the above equity shares.

The company would also issue 23 lakh warrants to the promoter Mayadevi Ploycot Ltd and IndiaStar, which carry the option to subscribe to one equity share for every warrant held within 18 months from the date of allotment of the warrants.

Of the total warrants, 12 lakh would be provided to Mayadevi Polycot while the rest 11 lakh would be given to IndiaSTAR (Mauritius), it said.