Phi Capital to pick up 4.76% in Pricol

Last Updated: Fri, Nov 18, 2011 19:30 hrs

Private equity firm Phi Capital Solutions LLP is set to pick up 4.76 per cent in Coimbatore-based Pricol Ltd, a manufacturer of automotive instruments and precision engineering products.

The company is planning to seeks its shareholders approval to allot up to 45,00,000 warrants on a preferential basis to Phi Capital with each warrant convertible into one equity share of the company of nominal value of Re 1 each at a price of Rs 18 per share, including a premium of Rs 17 a share. The amount invested by Phi will be used to part fund the working capital requirement and general corporate purposes, the company said.

Post the allotment, the promoters and associates holding will come down to 33.96 per cent from the current 35.66 per cent, foreign collaborator – Denso Corporation, Japan, holding will come down to 11.91 per cent from 12.50 per cent, and public holding will come down to 38.26 per cent from 40.17 per cent. Meanwhile, it has appointed appointed Vanitha Mohan as vice chairman and Vikram Mohan as managing director.

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