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Chennai, Oct. 15

Parry Agro Industries Ltd plans to issue fresh equity capital of up to 5 lakh equity shares. According to information provided by the company to the stock exchange, the board of directors has approved the issue of fresh equity capital subject to statutory approvals. This could take the form of GDR, ADR, FCCB or QIP. The objective would be to liquidate existing borrowings. Officials said that the nature of the issue was yet to be finalised. The plantation company of the Mur ugappa group has a small equity base now at about Rs 3.75 crore and is looking at expanding its businesses. Parry Agro has seven tea plantations – six in the South and one in Assam – and a coffee plantation in Karnataka. Earlier this year, the company obtained shareholders’ approval to enter into the hotels and resorts business to exploit the facilities in its plantations.

– Our Bureau

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