Graphite electrodes maker HEG today said it will raise Rs 400 core by share sale in various ways to meet the cost of company's expansion plans and working capital needs.
The board of the company at its meeting held has approved to raise Rs 400 crore by share sale through various options, including Global Depository Receipts (GDRs), American Depository receipts (ADRs), HEG said in a filing to the Bombay Stock Exchange (BSE).
The company is raising the funds to meet the cost of expansion plans, working capital needs, modernisation of manufacturing facilities and other plans of organic and inorganic growth.
This is subject to the approval of the shareholders of the company and other regulatory approvals as may be required.
The company called upon a meeting of shareholders on May 7 for taking shareholders approval in this regard.
Shares of HEG today settled at Rs 366.20 on the BSE, down 3.45 per cent from previous close.
