Mumbai: Cement maker Mysore Cements has sought shareholders' approval for increasing the authorised share capital of the company to Rs 336 crore.
In a bid to facilitate the issuance of the equity shares to the shareholders of Indorama Cements and HeidelbergCement, pursuant to the scheme of arrangement, Mysore Cements has to increase its authorised share capital, the company said in a filing to the Bombay Stock Exchange.
In this regard, the board of directors of the company have proposed that the authorised share capital of the company be increased to Rs 336 crore from Rs 271 crore. An extra-ordinary general meeting of the shareholders of the company would be held o n March 19, to consider the hike in authorised share capital.
According to the order passed by the Karnataka High court, the authorised share capital of the company stands increased to Rs 271 crore from Rs 215 crore. The scheme of amalgamation, wherein Indorama Cement and HeidelbergCement India were merged wit h Mysore Cements became effective from February 13 this year.
Accordingly, 6.77 crore shares of Mysore Cements would be allotted to the shareholders of Indorama Cements Ltd and 8.81 lakh shares of Mysore Cements are to be allotted to the shareholders of HeidelbergCement India.