 "Kesoram Industries up 5% on fund raising plans")
Shares of Kesoram Industries were locked in 5% upper circuit at Rs 115 on the BSE after the company announced a fund raising plan by up to Rs 650 crore through qualified institutional placement.
“The board of directors of the company at its meeting held on December 19, 2015 has approved the fund raising of amount upto Rs 650 crore through qualified institutional placement of equity shares and/or any other financial instruments or security convertible into equity, FPO, ADR, GDR or FCCB,” Kesoram Industries said in a statement.
The board has also given the go-ahead to dispose off the company's spun pipe and the heavy chemicals units located in West Bengal as well as divestment of certain of its investments in listed companies at prevailing market prices for the purpose of enhancing cash inflows, it added.
The company said in aggregate the current market value of such investments is approximately Rs 470 crore.
Till 1028 am, a combined 388,871 shares changed hands and there were pending buy orders for 295,919 shares on the NSE and BSE.
“The board of directors of the company at its meeting held on December 19, 2015 has approved the fund raising of amount upto Rs 650 crore through qualified institutional placement of equity shares and/or any other financial instruments or security convertible into equity, FPO, ADR, GDR or FCCB,” Kesoram Industries said in a statement.
The board has also given the go-ahead to dispose off the company's spun pipe and the heavy chemicals units located in West Bengal as well as divestment of certain of its investments in listed companies at prevailing market prices for the purpose of enhancing cash inflows, it added.
The company said in aggregate the current market value of such investments is approximately Rs 470 crore.
Till 1028 am, a combined 388,871 shares changed hands and there were pending buy orders for 295,919 shares on the NSE and BSE.