Saturday, August 30, 2014

CIAL to go for 4:1 rights issue

Kochi: The 20th Annual General Meeting of Cochin International Airport Limited held in Kochi on Friday decided in favour of the airport company going for a rights issue.

“The State government has a very open mind to the demand for a rights issue. Considering the recurring demand from the share holders, steps will be taken to issue shares to the existing shareholders at a proportion of 4:1 and at a price of around Rs.50,” Chief Minister Oommen Chandy said after the 20th Annual General Meeting of the company. The announcement came even as the minority shareholders were gearing up to corner the company director board for not considering the long-pending demand.

Company officials pointed out that the proposal for rights issue at 4:1 (one for every four shares) required a green signal from the company AGM.

Devasikutty Padayatil, general secretary of Shareholders’ Organization of Cochin International Airport Limited (SOCIAL), said minority shareholders were demanding issue of shares at par (1:1).
30/08/14 Hiran Unnikrishnan/The Hindu
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