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Board of Coastal Corporation approves issue of convertible warrants to raise Rs 28.05 cr

Capital Market 

At meeting held on 12 January 2021

The Board of Coastal Corporation at its meeting held on 12 January 2021 has approved the issuance of 15,00,000 Convertible Equity Warrants @ an issue price of Rs. 187 /- on Preferential basis, thereby raising an amount aggregating to Rs. 28.05 crore subject to the approval of the shareholders. The proceeds from preferential issue will be utilized for the following purposes:

1. Setting up of 3.6MVH Solar Power Plant for captive consumption.
2. Establishment of a green field sea food processing unit to pre-process shrimps and other sea-food at Kakinada:
3.To augment the working capital requirements of the Company and general corporate purposes.

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(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

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First Published: Tue, January 12 2021. 19:06 IST