Radha Madhav board approves Rs 75cr capex

The board of Radha Madhav Corporation yesterday approved starting a new project for manufacturing of pharmaceutical grade PVC sheets, coating of PVdC and similar substance on the sheet at Pantnagar in Uttaranchal.

According to a release issued by the company to the BSE today, the estimated cost of the project is around Rs 75 crore.

"The project is proposed to be financed by way of issue of FCCB, warrants to select group or persons including promoters at price to be determined as per SEBI DIP guidelines and debt", the release added.

Further, the board has also okayed to raise the borrowings limits to Rs 200 crore subject to required regulations. The authorised share capital is proposed to be hiked from Rs 20 crore to Rs 27.50 crore.