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Mayur Uniquoters hits record high on private equity funding plan

SI Reporter / Mumbai 20 Mar 14 | 11:29 AM

Mayur Uniquoters has soared to 9% to Rs 508, also its record high on the BSE, after its board approved to raise upto Rs 70 crore through preferential allotments to private equity (PE) firm WestBridge Capital.

The purpose for raising the capital is to augment the resources of the company for general corporate and capital expansion purposes, including setting up a PU Plant, and other such purposes.

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The textiles company informed the BSE that it plans to raise the amount through a preferential allotment wherein the PE firm will acquire 1.49 million compulsorily convertible participating preference shares at Rs 471.06 a share.

The preferential issuance of up to 14,86,000 compulsorily convertible participating preference shares ( "CCPPS") at a price of Rs 471.06  to WestBridge Crossover Fund, LLC on preferential basis, subject to shareholders’ approval and other necessary approvals, Mayur Uniquoters said in a statement.

Mayur Uniquoters is a textile company engaged in manufacturing and export of artificial leather and poly vinyl chloride.

Meanwhile, on March 19, the promoters of Mayur Uniquoters have sold over 4% stake in the company for Rs 41.58 crore through open market.

Suresh Kumar Poddar and Sons (HUF), Kiran Poddar, Dolly Bagaria, Puja Poddar and Manav Poddar have offloaded a combined 900,000 shares of the company at Rs 462 per share, the BSE bulk deal data shows.

Jwalamukhi Investment Holdings has bought 875,000 equity shares of the company at price of Rs 462 per share, the data shows.

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