16.1 C
New York
Sunday, April 18, 2021

SRF board approves fund raising of up to Rs 1,000 crore

Must read

Eleven dead, 98 injured after train derails in Egypt

World21 minutes ago (Apr 18, 2021 03:21PM ET) 5/5 (C) Reuters. Train derails in Egypt in Qalioubia province, north of Cairo 2/5 CAIRO (Reuters) -Eleven people were killed...

China is studying crypto as an investment tool, says PBoC deputy governor

Cryptocurrency23 minutes ago (Apr 18, 2021 03:20PM ET) China is studying crypto as an investment tool, says PBoC deputy governor Li Bo, recently appointed deputy...

Mexican president to propose extension of welfare programs to curb migration

Commodities32 minutes ago (Apr 18, 2021 03:10PM ET) 2/2 (C) Reuters. FILE PHOTO: Arony Maude from Honduras is carried by her uncle along a motorway in...

Peak fear? Bitcoin funding rates crash to lowest levels in 7 months

Sign In/Free Sign Up 0 Cryptocurrency1 hour ago (Apr 18, 2021 02:40PM ET) Peak fear? Bitcoin funding rates crash to lowest levels in 7...

NEW DELHI: Chemicals firm SRF on Monday said its board has approved plans to raise up to Rs 1,000 crore through a combination of issuance of equity shares and non convertible debentures (NCDs). In a regulatory filing, SRF Ltd said its board has approved raising of funds “for an aggregate amount not exceeding Rs 750 crore through issue of equity shares by way of qualified institutions placement, in accordance with the relevant provisions of applicable law and subject to approval of the company’s shareholders and receipt of applicable regulatory approvals”.

The company’s board also approved raising “an aggregate amount not exceeding Rs 250 crore through issue of listed redeemable secured non-convertible debentures by way of private placement”.

The company, however, did not elaborate on end use of funds.

Last month, SRF Ltd had said its board okayed setting up an additional chloromethane facility at Dahej in Gujarat at a cost of Rs 315 crore.

The company had said its existing capacity of chloromethane, which is at 95,000 tonnes per annum, is fully utilised. The proposal is to add an extra 1,00,000 tonnes per annum capacity by January 2022. The Rs 315 crore investment required for the project will be raised through a mix of debt and internal accruals for the project, it had said.

Shares of SRF Ltd were trading 4.41 per cent lower at Rs 4,036.50 apiece on the BSE.

- Advertisement -

Latest article

Eleven dead, 98 injured after train derails in Egypt

World21 minutes ago (Apr 18, 2021 03:21PM ET) 5/5 (C) Reuters. Train derails in Egypt in Qalioubia province, north of Cairo 2/5 CAIRO (Reuters) -Eleven people were killed...

China is studying crypto as an investment tool, says PBoC deputy governor

Cryptocurrency23 minutes ago (Apr 18, 2021 03:20PM ET) China is studying crypto as an investment tool, says PBoC deputy governor Li Bo, recently appointed deputy...

Mexican president to propose extension of welfare programs to curb migration

Commodities32 minutes ago (Apr 18, 2021 03:10PM ET) 2/2 (C) Reuters. FILE PHOTO: Arony Maude from Honduras is carried by her uncle along a motorway in...

Peak fear? Bitcoin funding rates crash to lowest levels in 7 months

Sign In/Free Sign Up 0 Cryptocurrency1 hour ago (Apr 18, 2021 02:40PM ET) Peak fear? Bitcoin funding rates crash to lowest levels in 7...

Israel and Greece sign record defence deal

Stock Markets22 minutes ago (Apr 18, 2021 02:20PM ET) (C) Reuters. FILE PHOTO: Israeli Defence Minister Benny Gantz wears a face mask as he looks...