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Pitti Laminations to issue preferential shares
Hyderabad: An extraordinary general body meeting of Pitti Laminations Ltd, a leading manufacturer of laminations for the electrical industry, has approved the company's move to offer 15.90 lakh equity shares of Rs10 each at a premium of Rs62 on a preferential basis. The meeting has also approved the company's move to issue 4.10 lakh warrants at the same price.

Of the 15.90 lakh preferential offer of equity shares, the company will be issuing 12 lakh shares to non-promoter companies Sonata Investments Ltd and Trimurty Equities & Finance (Bombay) Pvt Ltd and the balance 3.90 lakh shares will be picked up by the promoters.

The entire lot of 4.10 lakh warrants, to be issued at Rs72 per instrument, will be issued to one of the promoters, Akshay S. Pitti.

According to company officials, the fund raising was being undertaken to finance the expansion-cum-modernisation programme undertaken by the company. The company plans to undertake modernisation of Plant I and expand the capacity of Plant II, which commenced commercial production earlier this year in April, from 4,000 tonnes to 19,000 tonnes. This would take the company's total installed capacity to 25,000 tonnes. Plant II, with a capacity of 4,000 tonnes per annum, will be dedicated to the export market.
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