Khaitan Elec to raise Rs58.50cr

Khaitan Electricals intends to raise Rs 58.50 crore via issue of preferential shares to promoters and strategic investors.

According to an official release issued by Khaitan to the BSE today, the board has cleared issuing 12 lakh equity shares of  Rs 10, at a premium of Rs 129.30, on preferential basis to promoters.

Khaitan will also issue 30 lakh equity shares of Rs 10, at a premium of Rs 129.30, on preferential basis to proposed strategic investors, the release said.

The issue of shares will be considered at an EGM to be held on June 05, 2006, the release added.