Kesoram Industries Limited board approves fund raising of up to Rs. 600 crore

The Board of Directors of Kesoram Industries Limited at its meeting held today has approved raising of funds upto Rs. 600 crore, by way of issuance of securities of the Company through one or more modes including by way of a private placement, follow-on public offering, qualified institutions placement or a combination thereof, as may be considered appropriate, subject to shareholders' approval or through a rights issue, in compliance with applicable law.

The Board also approved raising of funds by issuance and allotment of equity shares up to an aggregate amount of Rs 200 crore, by way of a rights issue. The rights issue shall be undertaken on such terms including setting the record date, appointment of intermediaries and other related matters to be decided by the Fund Raising Committee of the Board at a later date in accordance with applicable law, including Companies Act, 2013 and the rules made thereunder and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, each as amended.

Shares of KESORAM INDUSTRIES LTD. was last trading in BSE at Rs.75.45 as compared to the previous close of Rs. 79.35. The total number of shares traded during the day was 187041 in over 2438 trades.

The stock hit an intraday high of Rs. 81.7 and intraday low of 74. The net turnover during the day was Rs. 14374097.

Source : Equity Bulls

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