Dec 26, 2006

Havells India to raise $150mn for overseas buys

The board of switchgear maker Havells India has, at its meeting held today, approved raising $150 million via the issue of FCCB/ADRs/GDRs or the QIP route.

According to sources, the company intends to use the funds raised to fund its overseas acquisition plans.

According to an official release issued today, the board also approved increasing the borrowing limits of the company to Rs 2500 crore, raising authorised share capital to Rs 40 crore, and has called for an extraordinary general meeting on January 20, 2007.
Buy Target 450 ( short term )
Good long term investment with expected returns of 15 % from current levels

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