Date:16/05/2006 URL: http://www.thehindubusinessline.com/2006/05/16/stories/2006051605021500.htm

Back Schroders to pick up stake in WS Industries

Our Bureau

Chennai , May 15

Schroders Credit Renaissance Fund and "its affiliates and associates" will pick up 31.50 lakh shares in W S Industries at a price of Rs 67.50 a share, W S Industries told the BSE on Monday. The consideration works out to Rs 22 crore.

A general body meeting of shareholders is to be held on June 14 to seek shareholders' approval for issuing the shares to Schroders on preferential allotment basis.

Alongside, W S Industries also intends to raise another Rs 10 crore by a private placement of cumulative redeemable preference shares.

The notification to the stock exchange says that the company intends to put up a project for producing `electro porcelain insulators'.