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Saturday, November 7, 2009

Birlas to hike stake in Century Enka to 31.39%

The promoter of Century Enka, B K Birla group, will increase its stake in the former to 31.39 per cent from 25.23 per cent through preferential allotment.

A total of 18 lakh warrants will be issued to the promoter companies, including Century Textile and Industries through preferential allotment, Century Enka today informed the stock exchanges.

Each warrant will have the option to be converted into one share in 18 months from allotment. Century Enka is seeking shareholder approval for the issue.

The group chairman B K Birla had said in June the promoters will increase their stake in the group companies in a phased manner to a comfortable level.

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