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Aditya Birla Nuvo in no hurry to raise funds: CFO

Aditya Birla Nuvo in no hurry to raise funds: CFO
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First Published: Mon, May 11 2009. 10 49 PM IST
Updated: Mon, May 11 2009. 10 49 PM IST
Mumbai: Aditya Birla Nuvo Ltd is not in a hurry to raise capital although its promoters are unlikely to convert warrants due in September, said the company’s newly appointed chief financial officer Sushil Agarwal.
The company will, however, go ahead with its expansion plans and keep infusing capital in the fledgling insurance business, funds for which are likely to flow in from its cash reserves and inflows from older cash-flow rich businesses.
The company has plans to raise Rs4,000 crore from promoters through the warrant issue. It had allotted 20.5 million preferential warrants to group chairman Kumar Mangalam Birla at a conversion price of Rs2,007.45 in April 2008. The warrants are due to mature in September.
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First Published: Mon, May 11 2009. 10 49 PM IST