Sundaram Brake to raise Rs.150 mn from rights issueFebruary 6th, 2009 - 6:49 pm ICT by IANS
Chennai, Feb 6 (IANS) Automobile brake lining manufacturer and part of TVS Group, the Rs.1.87-billion Sundaram Brake Linings, has decided to tap its shareholders for working capital needs. The company’s board Friday decided to go for a rights issue to raise Rs.150 million at a price which will be not less than Rs.120 per share having a face value of Rs.10. The ratio will be decided later.
The company’s board also accepted the resignation of Krishna Mahesh, its executive director and son of K. Mahesh, the company’s chairman and managing director.