To raise funds up to Rs 60 crore through private placement of preference shares
Trident announced that the Board of Directors / Strategy Committee of the Company at its meeting held on 27 July 2015, inter alia, has transacted the following:1. The Board has approved raising of funds upto Rs 60 crore through issue of unlisted non convertible cumulative redeemable preference shares on private placement basis.
2. The Strategy Committee of the Company has revisited capex plan of Yarn Modernization project (Rs. 103.9 crore) and Captive Power Project (Rs. 393 crore for 60 MW) at its Budni, Madhya Pradesh facility. This is in-line with management's focus on consolidating its existing Terry Towel operations and upcoming Composite "Bed Linen project. Going forward, based on free cash flow generation, Trident may evaluate a Captive Power Plant at its Budni Facility in smaller phase.
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