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Deccan Polypacks plans to foray into IT business
KVVV Charya
HYDERABAD, MARCH 6: Deccan Polypacks Ltd, a cement sack manufacturing company, has decided to diversify into the infotech sector focusing in the areas of software development and training. The company is promoted by DCL group to provide PFY sacks for its cement manufacturing company, Deccan Cements. In a bid to part finance the proposed diversification, DPL has proposed to issue 10,00,000 equity shares to the core promoters on a preferential basis. To facilitate the preferential issue, the company has called for a extra-ordinary general meeting of shareholders on March 23, 2000.Further, DPL is seeking shareholders' approval to alter the object clause to pave way into information technology business. According to company sources, after the proposed preferential issue, the promoters stake in the company will be increased from the existing 51.50 per cent to 61.44 per cent, while the public stake in the company will be reduced to 23.07 per cent from 40 per cent. The total equity will be increased from Rs 1.36 crore to Rs 2.36 crore. According to company sources, the price of share will be either at par or at the price calculated in terms of Sebi guidelines on preferential issue. The issue includes the proposal to issue 2,50,000 equity shares to NRI on preferential allotment basis, said sources. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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