CIAL shareholders approve IPO, 1:1 issue of right shares

Kochi, Apr 8 (UNI) The extraordinary general meeting (EGM)of the shareholders of the Cochin International Airport Ltd. (CIAL) today unanimously approved the proposal for issue of right shares in 1:1 ratio to the existing shareholders.

The EGM also approved the CIAL board decision to raise the authorized capital from Rs 200 crore to Rs 400 crore.

It also authorized the Director Board to take the necessary steps to issue the remaining shares through an Initial Public Offering, the CIAL said in a statement here.

The meeting approved the issue of right shares in a 1:1 ratio without the right of renunciation.

The EGM was presided over by Board Director M A Yusufali. Chief Minister Oommen Chandy, who heads the Board, and other government Directors did not attend the meeting as the Model Code of Conduct is in operation.

Besides, CIAL Managing Director V J Kurian, the EGM was attended by Board members N V George, P Mohammad Ali, E M Babu and C V Jacob, also attended.

The Cochin International Airport at Nedumbassery is the first airport in the country built with private sector participation.

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