Aditya Birla Nuvo to raise Rs 4000 crore

Mumbai, Jan 9 (UNI) Kumarmangalam Birla promoted diversified conglomorate, Adiya Birla Nuvo Ltd will raise Rs 4,000 crore through preferential offer to meet its capital expenditure.

The company has a market capitalistion of over Rs 140 billion and plans to raise the fund in next 18 months.

It is proposed to issue 2.05 crore warrants to the promoter group, the holder there of will get one equity share of Rs 10 each of the company against each warrant in 18 months from the date of allotment.

The price of the preferential issue will be decided as per SEBI approval.

The company has convened an extra ordinary general meeting on February 6 for obtaining the approval of its shareholders for the preferential issue.

The company recorded a turnover of Rs 82,580 million for the financial year 2006-2007.

Aditya Birla Nuvo Ltd is a flagship company of Aditya Birla Group. To enhance its long term financial resources and strengthening the financial structure, the company has been exploring various options for raising funds.

UNI AD/ZC DB SM1737