Somany Ceramics’ board has approved to issue 4.35 million shares of the company to private equity firm Creador for Rs 50 crore on preferential basis. The company will allot 4.35 million equity shares representing around 11.19% of the post-preferential issued and paid-up share capital of the company, at a premium of Rs 113 each, for a total consideration of Rs 50 crore to Latinia, Mauritius, an affiliate of Creador II LLC, (Non Promoter Category), on preferential allotment basis.
Meanwhile, the foreign institutional investors (FIIs) have increased their stake in Somany Ceramics to 2.81% in December quarter. FIIs held 0.78% stake in the company at the end of September quarter.
Somany Ceramics is a pioneering manufacturer, supplier and exporter of Floor Tiles, Wall Tiles, Sanitary Ware including urinals, basins, etc. Somany strives to bring its customers floor, wall, vitrified, ceramic, porcelain and innovative tiles that are the very latest in the world.
