Tuesday, December 22, 2015

Kesoram board okays plan to raise Rs 650 cr capital

BK Birla group outfit, Kesoram Industries, on Monday, said that its board has approved a proposal for raising up to Rs 650 crore through qualified institutional placements (QIPs) of equities and /or any other financial instrument or security convertible into equity.

The board also approved disposal and transfer of the company’s Spun Pipe and the Heavy Chemicals undertakings both located in West Bengal.

Such disposal will be subject to receipt of such permissions and consents, if any, that may be required.

The company, in a notification to the bourses, maintained that its board has also approved ”divestment of certain of its investments in listed companies at prevailing market prices for the purpose of enhancing cash inflows”.

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