Everest Industries Ltd approves capex of Rs. 187 crores

The Board of Directors of Everest Industries Ltd at their meeting held on February 7, 2023, has approved CAPEX of Rs. 187 Crores to set up a new Boards and Panels plant through a wholly owned subsidiary or by the Company at KIADB Industrial Area at Chamarajanagar District, Karnataka (instead of Immavu Industrial Area, Mysuru District, Karnataka) subject to the receipt of requisite approvals.

The said CAPEX would enhance the existing capacity of 210,000 MTPA to 301,000 MTPA for Boards and Panels. It is expected that said CAPEX would be operational by June 30, 2024.

The CAPEX would be funded by a mix of internal accruals and debt.

Shares of Everest Industries Limited was last trading in BSE at Rs. 791.50 as compared to the previous close of Rs. 715.95. The total number of shares traded during the day was 7706 in over 879 trades.

The stock hit an intraday high of Rs. 825.00 and intraday low of 703.00. The net turnover during the day was Rs. 5974222.00.

Source : Equity Bulls

Keywords

EverestIndustries INE295A01018 Capex ExpansionProject Subsidiary Boards Panels Plant