MAM
Crest Comm okays pref issue to promoters, foreign investment cap of 74%
MUMBAI: The board of directors of Crest Communication Ltd has approved the issue of 1.779 million convertible preference shares to the promoters of the company.
A company statement to The National Stock Exchange (NSE) says that the issue of preferential share capital is being made since the promoters’ holding in the company got diluted after the allotment of underlying equity shares towards global depository receipts (GDRs).
In its meeting held on 31 January, the board agreed that the shares would be issued to the promoters in two tranches, the statement says.
The company is also looking to increase the aggregate foreign investment limit to 74 per cent of the equity capital of the company. The Crest Communication board also approved of an amendment in the Articles of Association of the company.
Senior officials of the company were not available for comment.
In an earlier meeting on 28 January, the company’s board had approved an investment of $ 56.37 billion in the rights issue of Crest Communication Holdings Ltd Mauritius, a wholly owned subsidiary of the Company. This investment in 15,714 equity shares of $ 1 each will be made at a premium of $ 357.744 per equity share.
The company has convened an extraordinary general meeting on 5 March 2004 to get its shareholders’ nod for the above matters.
Brands
Safex Group appoints Richa Malhotra as group chief financial officer
Former Standard Chartered executive to steer finance
NEW DELHI: Safex Chemicals has appointed Richa Malhotra as group chief financial officer, strengthening its leadership team as the company prepares for the next phase of expansion in specialty chemicals and global agrochemicals.
In her new role, Malhotra will lead the group’s financial strategy, capital architecture and governance framework as Safex scales operations across multiple verticals including branded formulations, specialty chemicals and contract manufacturing.
A chartered accountant and graduate of Shri Ram College of Commerce, University of Delhi, Malhotra brings more than two decades of experience in business finance, strategic planning, corporate banking and client management.
Before joining Safex, she served as executive director, financial markets at Standard Chartered, where she led teams across India and Sri Lanka and worked closely with large corporates, global subsidiaries and commercial banking clients. Her expertise includes capital structuring, treasury operations, risk management and financial markets led financing solutions.
Safex Group promoter director and joint managing director Piyush Jindal, said the appointment comes at a pivotal time for the company. “Safex stands at an inflection point as we build an integrated platform across branded formulations, specialty chemicals and contract manufacturing. Richa’s experience across global financial institutions will strengthen our financial discipline and help unlock value across the group,” he said.
Malhotra said she was looking forward to contributing to the company’s next chapter of growth. “Safex has built a strong reputation over 35 years with its focus on integrity, innovation and agricultural insight. I am excited to be part of the organisation as it expands its footprint in India and global markets,” she said.
The appointment comes as Safex continues to strengthen its financial foundations and scale operations internationally, positioning itself for future growth milestones.
