Camlin to raise 21 cr via shares and warrants

New Delhi, Aug 20: Stationery maker Camlin Ltd today said its Board of Directors has approved the proposal for raising Rs 21 crore through an issue of 6,00,000 shares and an equal number of warrants at a price of Rs 175 per share.

The capital raised will fund the company's expansion plans, capital expenditure and towards its overall growth.

With these initiatives, the company expects to achieve a good growth in turnover and profitability in the coming years.

An extraordinary general body meeting will be convened on September 13, 2007 to seek approval of the members, the company said in a statement.

The company's board has also considered the proposal for increasing the authorised capital of the company from Rs five crore to Rs 10 crore and increasing the FII investment limits to 30 per cent.

Camlin offers a wide range of stationery products, office products and writing instruments under the Camel and Camlin brands.

UNI