Shree Ganesh Jewellery House has proposed to allot 1.20 crore shares on a preferential basis to Progruss Investments to raise Rs 150 crore. The non-promoter foreign body will hold 14.52 per cent in the company post the allotment, which is expected to be completed in 15 days from the day of passing the special resolution through postal ballot, said Shree Ganesh in a statement on the BSE.
The proceeds of the issue will be utilised to enhance the long-term financial resources which will enable the company to improve its operating performance, it added.
Post the preferential allotment, the promoters’ shareholding in the company will come down to 42.92 per cent from 50.21 per cent, while that of foreign promoters’ will dip to 21.02 per cent from 24.59.
The public shareholding including that of institutions, financial institutions and banks, FII and foreign bodies (Progruss Investment) will increase to 26.39 per cent from 13.88 per cent, the company said.
The proposed allotment will not result in any change of control or management of the affairs of the company and the existing promoters and directors of the company will continue to control the company. However, there could be consequential changes in the voting rights, according to the change in the shareholding pattern of the company, the Kolkata-based company said.
On Thursday, the shares of the company ended 1.50 per cent lower at Rs 78.80 on the BSE.