Emami Paper Mills In India recommends issuing shares aggregating to 450M rupees for funding expansion at Balasore, Odisha, paper mill, accepts resignation of Dr. Y.S.P. Thorat as independent director and appoints Shri M.B.S. Nair as director of operations
May 1, 2014
(South Asian Company News Wire)
– Emami Paper Mills Ltd has informed Bombay Stock Exchange that the Board of Directors of the Company at its meeting held on April 25, 2014, has transacted following:
1. Resignation of Dr. Y. S. P. Thorat, as an Independent Director of the Company was accepted;
2. Shri M. B. S. Nair has been appointed as an Additional Director (Whole Time Director) designated as Director (Operations) of the Company;
3. Issue of Cumulative Redeemable Non-Convertible Preference Shares aggregating to Rs. 45 crores to the Promoters on preferential basis for part financing of the ongoing Expansion Project at Balasore, Odisha, was considered and recommended for necessary approvals.
4. Increase in the Authorised Share Capital of the Company and alteration of Memorandum and Articles of Association of the Company have been considered and recommended for necessary approvals.
Industry Intelligence Inc. editor's note: In January 2013, Emami Paper Mills Ltd. postponed a proposed expansion project at its Balasore paper mill in Odisha after an associated social forestry plantations plan failed, making the mill's feedstock supply uncertain. The project was expected to double the mill's production capacity to 300,000 tonnes/year of copier paper, according to Industry Intelligence's archives.