Shaily Engineering Plastics Limited announces Fund Raise of ~Rs. 150 crores at Rs. 1,755 per equity share

Shaily Engineering Plastics Limited, one of the leading manufacturers of high precision injection molded plastic components for various OEM requirements, medical devices & Toys based in Vadodara, Gujarat today announced that its Board of Directors, in its meeting approved the issuance of up to 8,55,072 equity shares at price Rs. 1,755/- each on preferential basis aggregating to Rs. 150.06 Crore. The Preferential issue is subject to necessary regulatory and shareholder approvals.

Commenting on the fund raise Mr. Amit Sanghvi, Managing Director, Shaily Engineering Plastics Limited said, "This fund raise shall be deployed for the long-term growth of the company and over the next 12-18 months. The investment will be in the healthcare, toys and home furnishing business. This investment will allow us to leapfrog in the next phase of growth and strengthen our relationship as a strong supplier to global brands. I am thankful to the New Investors for showcasing their trust and confidence in the long-term story of our company."

Shares of Shaily Engineering Plastics Ltd. was last trading in BSE at Rs. 1837 as compared to the previous close of Rs. 1750.4. The total number of shares traded during the day was 17834 in over 191 trades.

The stock hit an intraday high of Rs. 1837.9 and intraday low of 1750. The net turnover during the day was Rs. 32541116.

Source : Equity Bulls

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