Henkel had actually advanced a sum of $5 million to be converted into preference shares and later into equity. The company's share capital will be Rs 200 crore divided into 17,20,00,000 equity shares of Rs 10 each and 2,80,00,000 preference shares of Rs 10 each.

Spic vice-chairman and president AC Muthiah said Henkel Spic's takeover of Shaw Wallace company, Calcutta Chemicals, will be complete in ten days. The takeover had run into rough weather with a Shaw Wallace shareholder making an application to the Company Law Board that the share price quoted by Henkel Spic was too low and needed to be revised. However, the petition has been dismissed and the takeover will be expedited, he said.

In an earlierEGM, a resolution for a rights issue by Henkel Spic had been passed, but this had not fructified. Shareholders were given the reassurance that this will be done soon after the takeover of Calcutta Chemicals is completed. Also the company's AGM, which had been delayed, will be convened in December. The financial year will be extended to 18 months, ending September 1998.