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May 10, 2001
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Money > Business Headlines > Report May 10, 2001 |
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Sebi clears Telco rights issueBS Markets Bureau The Securities and Exchange Board of India has approved automobile major Telco's Rs 13.82 billion rights issue consisting of covertible debentures, non-convertible debentures and NCDs with detachable warrants. However, the company will have to make disclosures regarding the losses made by it for the nine months ending December 31, 2000. Telco had notched up losses of Rs 3.53 billion for the period. The prospectus submitted by it has figures for the six months ending September, which will have to be updated. Further the company will have to launch the issue by June, failing which it will again have to make fresh disclosures to its shareholders with the year ending results. Sebi regulations specify that the offer document should contain information not older than six months prior to the issue date. The company had earlier decided in a board meeting that the issue will open in the first quarter of the current fiscal. Post-issue 20 per cent equity dilution is envisaged and possibly another 10 per cent is seen coming by March 2004. Powered by YOU MAY ALSO WANT TO READ:
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