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Hinduja Foundries to issue QIP

T E Narasimhan/Chennai 18 Jan 14 | 12:09 AM

Hinduja Foundries Ltd, the foundry arm of Hinduja Group and arm of Ashok Leyland, has received approval from the share holders to allot equity shares through Qualified Institutional Placement (QIP) and preferential allotment to a promoter group entity to raise a sum not exceeding Rs 150 crore.

The company today informed the Bombay Stock Exchange that it has received share holders approval to allot 2,61,05,417 equity shares of Rs 10 each, of the company through private placement to Qualified Institutional Buyers (QIBs). The equity shares shall be allotted after complete payment within a period of 12 months from the date of passing of the resolution, it said.

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"The total sum to be raised by both the issues combined shall not exceed Rs 150 crores," said the resolution passed by the share holders.

The shareholders also approved allotment of 1,78,18,448 equity shares through preferential allotment to an entity forming part of the promoter and promoter group. The company also recieved nod to increase the limit of the shareholding of foreign institutionl investors.

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