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West Coast Paper Mills Ltd on Friday allotted 33 lakh shares of the face value of Rs 2 each at Rs 54.30 a share (premium of Rs 52.30 a share), amounting to Rs 17.92 crore to the promoters, SK Bangur Group, on preferential allotment. This issue was approved by the shareholders in the extraordinary general meeting held on May 19. According to the company, the issue proceeds will be used for long-term working capital. The promoter shareholding will go up to 54.77 per cent from the current 52.39 per cent. The company, which also has approval for issuing warrants to the promoters at the same price, may see further hike in their stakes (after conversion in equity) to 56 per cent. The stock closed flat at 48.20 on the BSE on Friday.
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