Topnews.in, 26 Dec 2008, Harish Dhawan
Cholamandalam DBS is planning to raise Rs 300 crore by subscribing 10 million convertible shares of EID Parry, Coromandel Fertilizer Ltd. & DBS Bank. The shares would have the face value of Rs 100 and these would be converted into liquid stake within 18 months as per filing by the company to the stock exchange.
It may be recalled that Murugappa group and Singapore based DBS Group had formed a joint venture called Cholamandalam DBS to diversify their business in non-banking sector. The announcement to raise funds has come at a time when all sectors are facing liquidity crunch due to the financial turmoil in the market. The step by Cholamandalam DBS would help the non- banking finance company to ride the tight economic conditions.
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