Cosmo Films to raise Rs 33 cr via preferential allotment

Cosmo Films Ltd, manufacturer of Bi-axially Oriented Polypropylene Films (BOPP) and Thermal Lamination Film, plans to raise Rs 33.17 crore through issue of 31 lakh fully convertible warrants to the promoters on a preferential basis. The Cosmo board has approved the issue of these warrants, subject to the approval of shareholders, would be converted into equity shares within 18 months, a Cosmo release said here on Wednesday. The 31 lakh fully convertible warrants will be allotted at an exercise price Rs 107, which is in accordance with SEBI guidelines. Presently, the promoters hold 43.65% equity shares of the company and after conversion of all these warrants their total shareholding in the company will be 51.40%.
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