Greenply Industries to raise Rs 100 cr via QIPs

Greenply Industries plans to raise Rs 100 crore through qualified institutional placement (QIP) to set up new unit in Andhra Pradesh and fund growth in domestic and international markets.
The company has got shareholders' nod via postal ballot for "issuance of equity shares including convertible bonds/ debentures through QIP and depository receipts or any other modes for an amount not exceeding Rs 1,000 million," Greenply Industries informed BSE.
The company has "accorded the board to offer, create and allot in one or more tranches to investors" to issue global depository receipts (GDR) and American Depository Receipts (ADR) to the foreign buyers, corporate bodies, mutual, funds, insurance companies etc.

Greenply is setting-up a new Medium Density Fibreboard (MDF) manufacturing unit in Chittoor, Andhra Pradesh to improve domestic market share and cater to export markets.
"The requirement of funds is proposed to be met from both equity and debt from issuance of appropriate securities as in the resolutions and from both domestic and international markets," the company said.