Alicon Castalloy has received its board’s approval to issue 8.6 lakh equity shares of face value Rs 5 each to Enkei Corporation, Japan, at Rs 478 per share on preferential basis. The company’s board gave approval for the same at its meeting held on May 9.
Enkei Corporation currently holds 11 lakh shares or 8.98% of the equity capital of the company. Following the proposed issue, total holding by Enkei Corporation will increase to 14.94% of Alicon’s expanded capital.
Enkei Castalloy is a joint venture between Rai and Associates of India and Enkei Corporation, Japan. The company is a leading manufacturer of aluminium alloy gravity and low pressure die castings for major automotive manufacturers in India and exports to USA and Europe.
