Sintex Industries gains on fund raising plans

The company has passed a special resolution for raising up to Rs 1,800 crore via FCCB/GDRs/ADRs/QIB

Sintex Industries is trading higher by 3% at Rs 64.05, extending its previous day’s 6% rally on getting shareholders approval for fund raising up to Rs 1,800 crore.

The company has passed a special resolution in its Annual General Meeting (AGM) held on September 17, 2012 for authorizing an issue of foreign currency convertible bonds (FCCBs)/GDRs/ADRs or any other security aggregating up to $225 million (Rs 1,215 crore) and/or equity shares/non convertible debt instrument along with warrants to qualified institutional buyers not exceeding Rs 600 crore, Sintex Industries said in a filing.

The stock opened at Rs 62.45 and hit a high of Rs 64.50 on the NSE. A combined 3.21 million shares have changed hands on the counter so far on both the exchanges.