Passari Cellulose today said its board will meet next week to consider a follow-on public offer.
The shares of the company rose by 5.74 per cent to touch an all time high of Rs 70 on the Bombay stock Exchange after the announcement.
A meeting of the board of directors of the company will be held on March 15, to consider the proposal of FPO of equity shares, Passari Cellulose Ltd said in a filing to the Bombay Stock Exchange.
The proposal is subject to the approval of the members and statutory authorities concerned, it added without revealing the amount to be raised through the share sale. Passari Cellulose is engaged in the business of agro products.
The scrip was trading higher by 3.02 per cent at Rs 68.20 on BSE in the afternoon trade.
