Emami Paper Mills Ltd, a part of the Rs.6,000 crore Emami Group, Friday said its board has approved raising of Rs.120 crore through issuing of preference shares to finance its expansion project at Odisha's Balasore.
"The board of directors of the company at its meeting held on June 14 has considered and approved the issue of 30,00,000 cumulative redeemable non-convertible preference shares of Rs.100 each at a premium of Rs.300 each aggregating to Rs.120 crore," Emami Paper Mills said in a filing to BSE.
The shares would be issued on preferential basis to the promoters of the company in one or more tranches, it said.
The fund is to be utilised for part finance of the expansion project at Balasore for manufacturing 1,00,000 TPA multi-layer coated board paper.