labels: foods / beverages, mount everest mineral water, investment - general
Mount Everest Mineral Water makes Rs 8-cr preferential offer news
Our Convergence Bureau
24 December 2003

Mumbai: Mount Everest Mineral Water Ltd has made an offer of optionally convertible debentures (OCDs) aggregating to Rs 8.10 crore to a group of financial investors and a promoter of the company.

The OCDs are convertible into equity shares at a price of Rs 22 per share within 18 months from the date of allotment. On conversion, the investors will have 13.97 per cent of the post of issued share capital.

The capital structure is as under:
Present
Post-conversion
No of shares
Percentage
No of shares
Percentage
Promoters
1,31,52,543
58.02%
1,36,52,543
51.81%
Public
95,17,057
41.98%
95,17,057
36.12%
New investors
-
-
31,81,818
12.07%
Total
2,26,69,600
100%
2,63,51,418
100%

The funds are to be utilised for the repayment of bank loan, expansion of capacity and the working capital of the company. The issue is subject to the approval of the shareholders in the extraordinary general body meeting to be held on 17 January 2004 and other statutory approvals.

Mount Everest Mineral Water bottles water at source at Dhaula Kuan village in Himachal Pradesh and markets the same under the brand name Himalayan. Himalayan, the pure and natural mineral water from the Himalayan mountain ranges is the only natural mineral water in India.


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Mount Everest Mineral Water makes Rs 8-cr preferential offer