SKF's rights offer opens today

By Our Special Correspondent

MUMBAI, NOV. 12. SKF Bearings India today announced that its simultaneous but unlinked offer of equity shares and non- convertible debentures worth Rs. 88 crores will open tomorrow and is scheduled to stay open for 30 days, closing on December 12. The last date for receiving requests for split forms is November 28.

The rights issue is an integral part of the company's ongoing restructuring programme and will be used for debt restructuring as well as capital investments.

The offer consists of rights shares of Rs. 50.30 crores and non- convertible debentures (with detachable warrants) of Rs. 37.70 crores.

The company is offering 20.12 million equity shares of Rs. 10 each are at a premium of Rs. 15 per share on a rights basis to the existing shareholders in the ratio of four equity shares for every five shares held and three non-convertible debentures for every 100 equity shares held.

The NCDs will carry an interest of 9 per cent payable annually and will be redeemable at par at the end of 36 months from the date of allotment. Each NCD will be accompanied by a detachable warrant that will be listed. Each warrant holder will be entitled to ten equity shares.

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Section  : Business
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