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Phillips Carbon board OKs raising upto Rs 500 cr

Capital Market 

Phillips Carbon Black on Friday announced that its board has approved raising funds by further issue of securities for an amount not exceeding Rs 500 crore.

The company plans to raise funds through issue of securities via private placement or preferential issue or public issue or through any other permissible mode, including qualified institutions placement.

The board of directors of has decided to convene an Extraordinary General Meeting on 24 September 2021 through video conferencing or any other audio-visual means in order to seek the approval of the shareholders of the company for the proposed fund raising.

Shares of Phillips Carbon were trading 0.62% lower at Rs 240.1 on BSE. Phillips Carbon Black, a part of RP-Sanjiv Goenka Group, is India's largest carbon black manufacturer.

On a consolidated basis, the company reported a sharply higher net profit of Rs 104 crore on a higher net sales of Rs 1,003 crore in Q1 FY22 over Q1 FY21.

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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: Fri, August 27 2021. 14:36 IST