ABCIL shareholders approve raising up to Rs 1,200 cr

Aditya Birla Chemicals (India) Ltd (ABCIL) today said its shareholders have approved the firm's proposal to raise up to Rs 1,200 crore through private placement.
In a regulatory filing, the firm said that its special resolution for issue of redeemable non-convertible debentures on private placement basis for up to Rs 1,200 crore has been approved by the shareholders at its annual general meeting held last month.
Last month, ABCIL said it has completed the acquisition of the chlor-alkali division of Jayshree Chemicals Ltd for a cash consideration of Rs 212 crore.
Besides during the same month, fair trade regulator Competition Commission of India (CCI) approved its merger with group company Grasim Industries Ltd.

In February this year, ABCIL and Grasim Industries had announced their merger to consolidate similar businesses of the group under one roof.
It reported a 40 per cent increase in net profit at Rs 20.36 crore for the quarter ended June 30, 2015, against Rs 14.55 crore during the same period of the previous fiscal.
Total income during April-June period of 2015-16 rose to Rs 287.98 crore from Rs 285.99 crore in the year-ago period.
ABCIL manufacturers chlor-alkali and has three manufacturing plants located at Rehla (Jharkhand), Renukoot (Uttar Pradesh) and Karwar (Karnataka) with an installed capacity of 2,93,000 tonnes of caustic soda annually and a 110-MW captive power plant.