SRF to raise Rs 29 crore

The board of directors of SRF, which met today, has approved a proposal to raise Rs 29 crore.

According to a release issued by the company to the BSE today, the company is planning to issue and offer 33,75,000 warrants carrying a right to  subscribe to equal number of equity shares at a price of Rs 85 per share, including a premium of Rs 75 per share, within a period of 12-18 months from the date of allotment of the warrants.

The move is expected to raise Rs 28.69 crore for the company.

"After the exercise of right attached to the warrants, the paid-up equity capital of the company would go up to Rs 67.90 crore from Rs 64.52 crore," the release added.

An EGM has been convened on April 7, 2005 for seeking shareholder approval for the proposal, the release added.