Smidth ups stake in Saurashtra

MUMBAI, DEC 28: The Mehtas-controlled Saurashtra Cement has informed the Bombay Stock Exchange that it has allotted 21.95 lakh equity shares to Fuller India, a subsidiary of the Danish giant FL Smidth.

The company8217;s board has also allotted 21.93 lakh fully-paid equity shares to The Industrialisation Fund for Developing Countries at a premium of Rs 20 a share. The fund has been also allotted 21.19 lakh zero per cent convertible preference shares of Rs 100 each.

The preference shares will be convertible into equity within 18 months from the date of allotment in the ratio of one equity share of Rs 10 each at a premium of Rs 20 per share fully paid for every three convertible preference shares held.