Indian Greenply Industries to issue 3 840 000 shares to promoters

Feb 28, 2006. /Lesprom Network/. Leading Indian plywood manufacturer Greenply Industries Ltd said on Monday February 27 it will issue 3 840 000 equity shares to foreign investors and 670 000 shares to the promoter group on preferential basis, according to PTI. The board of directors have approved the issue of 3 840 000 equity shares of INR 5 ($0.11) each to foreign investors and 670 000 equity shares of INR 5 each to the promoters group through preferential issues basis, the company informed the Bombay Stock Exchange. The board also approved the issue of 1 835 000 convertible warrants to promoters group with an option to subscribe to 1 835 000 equity shares of INR 5 each of the company by way of preferential issues basis. The issue of shares is subject to approval of shareholders which will be sought at the extra ordinary general meeting of the company on March 23, it added.