Zuari Agro Chemicals' board has approved raising up to Rs 400 crore in one or more tranches.
"The board... has considered and approved raising of funds by issue of equity shares and/or any other permissible securities convertible into equity shares through qualified institutional placement (QIP) or through any other permissible mode or a combination thereof in one or more tranches... for an amount not exceeding Rs 400 crore," Zuari Agro Chemicals said in a regulatory filing today.
The stock added 2.06 per cent at Rs 567 on the BSE today.
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