Manali Petro plans to raise $50 mn via issue of shares for inorganic growth

Manali Petrochemicals Ltd (Manali Petro), which is a part of the SPIC Group, is planning to raise $50 million to grow its business activities both in the domestic and international markets.

The company said that in order to capitalise on the various opportunities available for future growth, it intends to enhance its business activities both in the domestic and overseas markets through acquisition, setting up of manufacturing infrastructure, a focus on product development, and introducing new products across various operating markets.

It would be necessary for the company to raise funds in the Indian and/or international markets by an issue of shares and securities, said the company in a note to its shareholders.

The board of directors has approved fundraising through the issue of securities in the domestic or overseas markets through various instruments, including global depository receipts, American depository receipts, foreign currency convertible bonds, among others, in one or more tranches.

The details of the nature of the securities to be issued, their number and quantum, the terms of the issue, and related matters would be decided in due course and the board has constituted a committee of directors for the process, said the company.