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Kesoram Inds board approves fund raising

Capital Market 

Kesoram Industries in a filing on Saturday announced that the company's board has approved fund raising of up to Rs 2,500 crore by way of equity, bond, FCCB, ADR, GDR, commercial paper and/or other debt instruments.

The fund raising is primarily to retire company's existing debt and to bring down the cost of the borrowing.

The company recently concluded a rights issue of Rs 400 crore. The issue opened on 27 September 2021, and closed on 11 October 2021.

In the same filing, Kesoram Industries made the first and final call of Rs 25 per partly paid equity shares. The company has fixed 2 December 2021 as the record date for the purpose of ascertaining the holders of the partly paid-up equity shares to whom first and final call notice will be sent.

Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, rayon, paper, heavy chemicals and spun pipes. On a consolidated basis, the company reported a net loss of Rs 12 crore in Q2 FY22 as against a net profit of Rs 6.25 crore in Q2 FY21. Net sales jumped 29.7% to Rs 842.69 crore in Q2 FY22 over Q2 FY21.

Shares of Kesoram Industries ended 2.31% lower at Rs 61.30 on Thursday. The domestic stock market was shut yesterday, 19 November 2021 on account of Guru Nanak Jayanti.

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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: Mon, November 22 2021. 08:42 IST