Business Daily from THE HINDU group of publications
Wednesday, Jul 26, 2006
Business Daily from THE HINDU group of publications Wednesday, Jul 26, 2006 |
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Corporate
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Rights Issue Chemplast to raise Rs 200 cr through rights issue Our Bureau
Chennai , July 25 Chemplast Sanmar Ltd will raise up to Rs 200 crore through issue of rights shares. According to Mr P.S. Jayaraman, Managing Director, Chemplast, the funds would be utilised for the 170,000-tonne PVC project coming up at Cuddalore, Tamil Nadu. This project is likely to be completed in two years. The company has also announced plans to enter PVC product business. According to information provided by the company to the stock exchange, its board has approved a proposal to raise equity on rights basis not exceeding Rs 200 crore. The company will seek shareholders' approval through a postal ballot to hike the company's authorised share capital to Rs 235 crore from Rs 110 crore. Chemplast Sanmar also plans to manufacture PVC products, a forward integration move of the company, which manufactures PVC resin. It will produce PVC profiles, pipes and sheets.
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