Will use QIP route to fund capex: Shri Lakshmi Cotsyn

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Will use QIP route to fund capex: Shri Lakshmi Cotsyn

In an interview with CNBC-TV18, MP Agarwal, Chairman and Managing Director of Shri Lakshmi Cotsyn, spoke about his outlook for the company.

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In an interview with CNBC-TV18, MP Agarwal, Chairman and Managing Director of Shri Lakshmi Cotsyn , spoke about his outlook for the company.

Below is a verbatim transcript of an exclusive interview with MP Agarwal on CNBC-TV18. Also watch the accompanying video.

Q: There are 20 lakh warrants been issued to strategic investors. Can you take us through who these strategic investors are?

A: We issued these warrants sometime in September and we very recently converted them to shares. Hence, we issue warrants in a board meeting, we can convert it within 18 months. So when we will receive the money we will convert it. Strategic investor means a person who wants to invest the money in the company.

Q: Can you share the names of these strategic investors with us and at what price these warrants were allotted to them?

A: These warrants were allotted in September when the prices of the shares were around Rs 56. But now they have been converted recently. Around 13 lakh warrants have been converted into shares out of that allotment we did in September 2009.

Q: You have approved a capex of nearly Rs 500 crore. Will you require doing any equity raising as well for that to fund that?

A: My total capex will be around 1,500 crore in next one year and for that we need to raise Rs 500 crore equity capital in two tranche. We have appointed Anand Rathi as our manager to the equities and we propose to do it by qualified institutional placement (QIP).