KS Oils board approves raising FII limit to 49 per cent

New Delhi, Aug 21 (UNI) KS Oils Ltd today said its board has approved to raise the participation of Foreign Institutional Investors (FIIs) to 49 per cent of the total share capital.

The decision is subject to the approval of the members of the company at the Extraordinary General Meeting scheduled to be held on September 15, 2006.

The Board of Directors also made allotment of 9,00,000 equity shares of Rs 10 each at a premium of Rs 215 per share on preferential basis to promoters and others as per the SEBI (DIP) guidelines, 2000, a company statement said.

Last week, the company's board also approved issuance of Foreign Currency Convertible Bonds (FCCBs), Global Depository Receipts (GDRs) or other form of securities convertible into equity shares to raise 20 millions dollars.

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