Kanpur Plastipack to modernize plants, to finance partly through rights issue

Kanpur Plastipack Ltd has announced that the Board of Directors of the Company at its meeting held on December 11, 2006, inter alia, has taken the following decisions:

1. Execution of modernisation-cum-expansion programme with the cost of project approximately Rs 21.50 Crores, to be financed partly from right issue, partly from term loans and partly from internal accruals.

2. Issue of right shares in the proportion of one equity share of Rs 10/- each at a issue price of Rs 20/- each (including premium of Rs 10/-) against every two equity shares of Rs 10/- each.

Source : Equity Bulls

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