The board of Havells India has approved the issue of 41.60 lakh equity shares of Rs 5 each at a price of Rs 625 per share aggregating to Rs 260 crore and 26 lakh warrants at Rs 690 per warrant aggregating to Rs 179.40 crore on a preferential allotment basis to Seacrest Investment.
This was approved at the board meeting held on 20 October 2007.
As per recent reports, Havells India is raising funds to retire a part of the debt taken to finance its $300 million acquisition of SLI Sylvania's lighting business and for capital expenditure. Havells acquired Frankfurt-based firm SLI Sylvania's lighting business in March 2007.
Havells India’s net profit rose 39.82% to Rs 31.60 crore on 38.71% growth in net sales to Rs 474.10 crore in Q1 June 2007 over Q1 June 2006.
The company is engaged in manufacturing and selling electrical products.
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