Shaily Engg hits the roof after board OKs fund raising

Shaily Engineering Plastics hit an upper circuit of 5% at Rs 1,628.55 after the company said its board approved raising upto Rs 300 crore in one or more tranches for funding future capex requirements.

The board of Shaily Engineering Plastics approved raising funds for an amount aggregating up to Rs 300 crore, in one or more tranches, by way of issuance of securities, via one or more permissible mode(s) including but not limited through a qualified institutions placement/preferential offer or a combination thereof.

The purpose of fund raising is for funding future capex requirements and general corporate requirements.

Shaily Engineering Plastics is engaged in the manufacture of plastics products. The company reported a 39.6% rise in net profit to Rs 9.7 crore on a nearly 38% increase in net sales to Rs 109.77 crore in Q4 FY21 over Q4 FY20.

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