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Manali Petrochemicals board has approved a proposal to raise up to $50 million (approx Rs 328.50 crore) through issuance of securities to support expansion plans.
“The board has accorded its approval for fund-raising not exceeding $50 million through issue of further securities in domestic or overseas markets by way of equity shares /global depository receipts/American depository receipts/foreign currency convertible bonds/convertible debt instruments, etc,” the company said in a BSE filing today.
The amount will be used to enhance business activities through acquisition of existing companies, setting up manufacturing infrastructure, focus on product development and introducing new products across various operating markets.
Details of the securities to be issued and related matters would be decided in due course for which the board has constituted a committee of directors, it added.
Shares of Manali Petrochemicals were trading down by 1.81 per cent at Rs 32.50 on the BSE.
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