Wednesday, June 17, 2009

Sesa Goa plans to raise nearly Rs 583 cr

Vedanta group company Sesa Goa is looking to raise about Rs 583 crore through issue of shares to the firm's promoters and its associates.

Sesa Goa would seek shareholders approval for the proposal at its Extraordinary General Meeting scheduled to be held on July 9, it said in a filing to the Bombay Stock Exchange.

The leading iron exporter said it would issue over 3.3 crore shares to the company's promoters and its associates. The price of issue would be calculated on the basis of closing price as on June 9, it added.

Based on the closing price of Rs 175.20 on June 9, these shares would be worth Rs 582.96 crore. "...the consent of the company be and is hereby accorded to the board to create, offer, issue and allot up to 3,32,74,000 equity shares of Re 1 each to promoters and its associates, on preferential allotment basis...," the filing said.

Sesa Goa, which acquired Goa-based V S Dempo at Rs 1,750 crore last week, has said its open to more such acquisitions and augmenting its annual production capacity to 50 million tonnes in next two tho three years.

NRI billionaire Anil Agarwal-led Vedanta Resources had last week raised about USD 1.25 billion through issue of bonds, to fund its acquisition and expansion plans besides hiking stakes in its group subsidiaries. Its flagship firm Sterlite Industries is looking to raise funds.

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