Press Trust of India |
New Delhi
May 17, 2012
Last Updated at 19:47 IST
Koutons to raise over Rs 1,000 cr through pref share issue
The board also considered the appointment of Ashwini Kumar as Independent Director with effect from May 17, 2012.
Debt-ridden Koutons Retail India Ltd today said it plans to raise up to $200 million (around Rs Rs 1,090 crore) by issuing preferential shares to promoters and others.
In a filing to the BSE, the company said its board of directors today "considered the preferential issue of equity shares to promoters and others...For a value upto $200 million."
It said the issue could be through various routes such as preferential allotment, private placement, QIP, ADR, GDR, FCCB or by any other means.
The board also considered the appointment of Ashwini Kumar as Independent Director with effect from May 17, 2012.
On April 17, one of the company's additional independent directors, Rajeev Khandelwal, stepped down from his position.
The Delhi-based clothing retailer is burdened with a debt of Rs 600 crore and its bankers had approved its debt restructuring package last year.
The company's scrip closed at Rs 7.35 per share, up 4.1% from the previous close on the BSE.
