UMI LTD DRAFT FOR EQUITY CAPITAL CUT
Article Abstract:
The draft rehabilitation scheme for the ailing UMI Special Steel Ltd of the Usha Martin group proposes a 75 percent write off of the company's equity share capital to Rs11.37 crore from Rs45.48 crore at present. The Rs39.78 crore rehabilitation package includes a start up expenditure of Rs3.5 crore, capital expenditure of Rs9.03 crore, margin money of Rs10.75 crore, Rs12 crore towards voluntary retirement scheme for workers and a down payment of Rs4.5 crore to the company's creditors. The promoters are expected to bring in Rs12.63 crore for the revival scheme while financial institutions and banks are expected to give a fresh term loan of Rs15.63 crore. (khr)
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
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HALDIA PETRO PROMOTERS UP EQUITY FUNDS TO 75%
Article Abstract:
Haldia Petrochemicals Ltd's (HPL) promoters have increased their contribution to equity to 75 percent from 62 percent. They have so far invested Rs787.5 crore as part of their share in the Rs1,010 crore promoters' equity. The project is estimated to cost Rs5,170 crore. The equity is fixed at Rs1,979 crore. The promoters of the project are; West Bengal Industrial Development Corporation (43 percent stake), Chatterjee Petroleum (Mauritius) Company (43 percent) and Tatas (14 percent). About 9 banks have promised to provide Rs344 crore as rupee loan. HPL will raise Rs969 crore from domestic and international investors in phases. (rk)
Comment:
Haldia Petrochemicals Ltd's (HPL) promoters have increased their contribution to equity to 75 percent from 62 percent.
Publication Name: Economic Times
Subject: Business, international
ISSN: 0013-0389
Year: 1998
User Contributions:
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