Mauritian conglomerate CIEL to raise Rs 2 billion additional capital
The company will organize a special meeting where shareholders will be called together in due time to vote on this private placement, which is expected to happen before June 30, 2014.(Image: Cote Nord Magazine)
The board of directors of CIEL Limited informed its shareholders and the general public in a communiqué sent to the Stock Exchange of Mauritius (SEM) on March 13, 2014 that it intends to raise additional capital of up to Rs 2 billion.
“The proceeds of this fund raising will be used to enable CIEL and its investee companies to pursue its growth strategy in Mauritius and in the region,” the board of directors indicated in the communiqué.
The board of CIEL Limited has already identified a number of new strategic equity investors that will be in line with the group’s vision and shall further enhance CIEL’s status by virtue of their experience, business networks and international reach.
“CIEL intends to raise new capital of up to MUR 2 billion by way of private placement, representing a maximum issue of 344,827,586 new Ordinary Shares of no par value issued at a price of MUR 5.80 per share, to selected strategic equity investors, as identified by the Board,” stated the communiqué.
The official market of the Stock Exchange of Mauritius Ltd will list the new ordinary shares which will be issued pari passu with the existing ordinary shares, which means that the new shareholders will be entitled to the same rights as the existing shareholders.
The company will organize a special meeting where shareholders will be called together in due time to vote on this private placement, which is expected to happen before June 30, 2014.
Besides, CIEL shareholders and the investing public are advised in the communiqué to take caution when dealing in the shares of CIEL and additional developments will be communicated in due course to all shareholders.
Since January 24, 2014, CIEL Investments Ltd (CIL) has been amalgamated into Deep River Investment Limited (DRI) to form CIEL Limited.
Through this amalgamation, CIEL Group CEO Arnaud Dalais sees many opportunities opening up to the group to explore new horizons.
Since February 3, 2014, CIEL Limited has been transferred to the official market of the Stock Exchange of Mauritius with a share capital of up to 1,231,348,180 ordinary shares.