Date:30/08/2005 URL: http://www.thehindubusinessline.com/2005/08/30/stories/2005083002680200.htm

Back Vijay Textiles plans to raise $45 m

Our Bureau

Hyderabad , Aug. 29

VIJAY Textiles Ltd is exploring the possibility of going in for foreign currency convertible bonds/issue of preference shares/ADR/GDR/SPN or any securities convertible into equity shares up to $45 million.

The company has informed BSE that its board of directors at its meeting held on August 27 has also considered & approved several proposals that included:

Issue of 1.52 crore warrants convertible into 1.52 crore equity shares of face value of Re 1 each at a price not exceeding Rs 12 (at a premium of Rs 11/- per share) on a preferential basis to promoters; issue of one crore warrants convertible into one crore equity shares of face value of Re 1 each at a price not exceeding Rs 12 (at a premium of Rs 11/- per share) on a preferential basis to non-promoters (the issue price has been arrived at as per SEBI Pricing formula for the Preferential Issue); increasing the borrowing powers from Rs 50 crore to Rs 250 crore ; to raise the authorised share capital from Rs 15 crore to Rs 20 crore; and making consequential amendments in the Memorandum and Articles of Association of the company.

The company informed the exchange that the annual general meeting was scheduled for September 27 for the approval of above items and accounts for the year ended March 31, 2005.