Parrys Sugar to issue preference shares up to Rs 100 cr

Parrys Sugar Industries today said it plans to issue preference shares to promoters up to Rs 100 crore and it will also increase the authorised capital by Rs 100 crore.

The company has called an extra-ordinary general meeting (EGM) on June 28 to obtain the approval of its shareholders on these issues.

"The board of the company has decided to convene an EGM on June 28, 2011, to obtain the approval of the shareholders to increase the authorised capital of the company from Rs 75 crore to Rs 175 crore," it said in a filing to the Bombay Stock Exchange (BSE).

The issue of 8% preference shares of Rs 10 each aggregating to a nominal amount not exceeding Rs 100 crore to the promoters or such other investors on such terms and conditions as the Board may decide, the filing added.

The Bangalore-headquartered company is a subsidiary of EID Parry (India) and has three sugar plants with a combined crushing capacity of 11,500 tonnes of cane per day (TCD).

Shares of the company today closed at Rs 114.50, up by 0.97% from its previous close on the BSE.