NEW DELHI, February 4: Swedish giant AB Electrolux is hiking its stake in the ailing Intron Ltd from 51 per cent to 74.21 per cent. AB Electrolux will acquire the additional 23.21 per cent stake by subscribing to additional shares in the proposed rights issue. The company's equity base is being expanded to about Rs 32 crore from the present level of Rs 15.77 crore.The infusion of fresh equity to the tune of over Rs 15.70 crore by AB Electrolux is being done to bring out the company from the purview of the Sick Industries Companies Act (Sica) besides augmenting its long term working capital requirements.
Intron's board of directors met on January 12 at which a rights issue at par was approved. Intron had accumulated losses of Rs 24.26 crore.
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