Manali Petrochemicals Board okays proposal for $50mn fundraise

Manali Petrochemicals today said its Board has approved a proposal to raise up to USD 50 million (approx Rs 328.50 crore) through issuance of securities to support expansion plans.
"The Board has accorded its approval for fund raising not exceeding USD 50 million through issue of further securities in domestic or overseas markets by way of equity shares /global depository receipts/American depository receipts/foreign currency convertible bonds/convertible debt instruments, etc," it said in a BSE filing.
The USD 50 million fundraise aims to enhance the business activities through acquisition of existing companies, setting up manufacturing infrastructure, focus on product development and introducing new products across various operating markets.

The details of the securities to be issued and the related matters would be decided in due course for which the Board has constituted a Committee of Directors, it added.
Shares of Manali Petrochemicals were trading 0.15 per cent lower at Rs 33.05 per scrip on BSE.