Kiri Industries has rallied 5% at Rs 75.25 in early trades, extending its two-days 21% gain, after the company announced fund raising plans of up to Rs 300 crore.
“The board of directors of the company will meet on January 09, 2012, to consider and approve along with other business to raise fund up to Rs 300 crore by way of QIPs/FCCBs/GDRs/ preferential allotment of equity or domestic convertible bonds and/or non-convertible debentures with warrants," a specialty chemicals manufacturer said in a filing to the stock exchanges.
The proceeds will be used to reducing the cost of funds of the company by replacing higher cost debt with lower cost funds, and to strengthen capital base of company and for general corporate purposes, it added.
A combined 18,023 shares have already changed hands on the counter so far. There are pending buy orders for 650 shares on the NSE and BSE.
