Calcutta, Oct 9: Shareholders of Birla Corporation Ltd, on Monday, cleared the MP Birla group company's proposal to increase its authorised share capital base to Rs 100 crore from Rs 75 crore earlier. The resolution was passed at an extraordinary general meeting (EGM) here today. The company has a subscribed and paid up capital of Rs 55 crore, against the authorised capital consisting of equity shares worth Rs 65 crore and preference capital of Rs 10 crore.Chairing the EGM, managing director KC Mittal said the company wants to make a rights issue to ordinary shareholders and use the funds to expand the cement plants at Chittor in Rajasthan. The two Chittor plants have a combined capacity of 14 lakh tonnes and did well during fiscal 1999-2000.
Clinker production of the plants was 15.18 lakh tonnes and cement production at an all-time high of 17.08 lakh tonnes.
For the year to March 31, 2000, the diversified company reported a loss of Rs 38.36 crore on a turnover of Rs 1,011.84 crore.
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