December 02, 2008

Remi Metals to induct Welspun and Widescreen as co-promoters

It is reported that steel tubular product maker Remi Metals Gujarat said that it will induct Welspun Power and Steel and Widescreen Holding as co promoters to pump in INR 43.48 crore as equity for one time settlement of its secured term loan and CAPEX requirement to BFIR.

Remi Metals Gujarat Limited said in a filing to the Bombay Stock Exchange. The existing promoters of the company will bring in INR 12.03 crore while INR 1.97 crore will be routed through financial investor. Additionally, the company will arrange to bring further debt up to INR 97.50 crore to meet the one time settlement and other requirement.

Decision to this effect was taken by the company's board of directors in a meeting held yesterday. The company had submitted its rehabilitation scheme to the Board of Industrial and Financial Reconstruction which is due to hear it on July 24th 2008.