Oudh Sugar to raise capital through GDR/ADR/FCCB issue

Oudh Sugar Mills Ltd has announced that the Board of Directors of the Company at its meeting held on October 03, 2006, inter alia, has approved the following:

1. To create, offer, issue and allot in the course of domestic / international offerings and subject to Section 81 of the Companies Act, 1956, equity shares and / or equity shares through Global Depository Receipts (GDRs) and / or American Depository Receipts (ADRs) and / or Foreign Currency Convertible Bonds (FCCBs) and / or equity shares under the Qualified Institutional Placement guidelines (QIPs) under Chapter XIII-A of the Guidelines or a combination of the foregoing for an amount not exceeding Rs 100 crores inclusive of such premium as may from time to time be decided, subject to approvals by the members, other requisite approvals, provisions of the Companies Act, all other applicable laws, listing agreements, such other conditions as may be prescribed by SEBI & / or Stock Exchanges, or any of them.

2. Increase in capacity of Hargaon Distillery Unit by 100 KLPD at an estimated cost of about Rs 100 Crores.

Source : Equity Bulls

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