Mumbai, India based Everest Kanto has sold a 9.7 per cent stake to a unit of CLSA Private Equity management Ltd. through a preferential allotment of shares.
The company will issue 18.96 lakh equity shares to Brightwill Ltd, for Rs92 Crore on a preferential basis.
According to Everest Kantos board of directors, the preferential allotment would be subject to a lock-in period of one year in accordance with SEBI guidelines and would result in additional issues of 9.72 per cent shares of the enhanced equity share capital, it added.
The proceeds of the preferential issue will be used to part-fund the Everest Kanto’s ongoing expansion plans in China, Dubai and India. The company will be convening an Extraordinary General Meeting (EGM) on 20th October for obtaining shareholders approval for the preferential issue.
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