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Electrolux to pump in Rs 250 crore

13-May-2004
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Electrolux to pump in Rs 250 crore

Electrolux AB, the Swedish parent of consumer durables maker Electrolux Kelvinator Ltd, has decided to pump in an additional Rs 250 crore into its Indian operations.

Electrolux AB will increase the authorised share capital in Electrolux Kelvinator by creating 250 million Rs 10 equity shares. The decision comes close on the heels of Electrolux Kelvinator’s Rs 200 crore rights issue, which was fully subscribed.

The company has informed the Bombay Stock Exchange that 10 million 6 per cent cumulative redeemable, non-convertible preference shares of Rs 100 each will also be issued, subject to the approval of shareholders.

In a letter to the Securities and Exchange Board of India, Electrolux Kelvinator has also reiterated its intention of buying out the remaining shareholders to delist from the Bombay Stock Exchange.

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