ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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Somani Cement

authorised share capital from Rs 20 crore presently to Rs 40 crore and further to issue 89,55,788 equity shares of Rs 10 each on a right basis to the shareholders at a premium of Rs 110 per share in the proportion of 1:2 and another 2,40,000 shares to the employees of the company as well as those of its promoter, Gujarat Industrial Investment Corporation, on the same terms. The proposed issue is to correct somewhat undercapitalisation of Gujarat Alkalies, as in a total pro- ceeds of Rs 110 crore (inclusive of the premium amount) it is to yield some Rs 9.20 crore on share capital account. It is proposed to avoid allotment of coupons in rights shares, and so the total issue of shares may aggregate to 92,12,000 new shares.

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