BCL Industries on Friday said its board has approved a proposal to raise Rs 201 crore through issuance of warrants on a preferential basis.
BCL Industries is the only company in India and the South Asian region to have a forward and backward integrated distillery ethanol plant.
The board has approved issuance of 55,83,334 fully convertible warrants of face value of Rs 10 each on preferential basis at an issue price of Rs 360 per warrant, aggregating to Rs 201,00,00,240 for cash, BCL Industries said in a statement.
The board has also approved a proposal for constitution of a 'Fund Raising Committee' for taking necessary decisions, resolving the difficulties/obstacles which may arise with respect to BCL's proposed fund raising, and to engage professional intermediaries, experts, technical consultants, advisors, as and when required, it said.
An extraordinary general meeting (EGM) is scheduled for February 9 to seek members' nod on proposals approved by the board. Shares of the company were trading at Rs 417.90 apiece, up 2.36 per cent from its previous close on BSE.
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