Sandur Manganese & Iron Ores advanced 3.39% to Rs 505.90 after its board approved raising of funds aggregating up to Rs 1,000 crore through issuance of equity shares by way of qualified institutions placement (QIP).
The company will issue equity shares of face value Rs 10 each, in one or more tranches, for an aggregate amount not exceeding Rs 1,000 crore or an equivalent amount thereof, and at such price or prices as may be permissible under applicable laws.
The board has constituted and authorized QIP Committee of directors to decide on the terms and conditions of the issuance of equity shares and all related matters thereto.
The proposal is subject to receipt of approval of shareholders of the company and such other regulatory/ statutory approvals, as may be required.
Sandur Manganese & Iron Ores is the flagship company of the Karnataka-based Sandur Group. It is involved in mining of low phosphorous manganese and iron ore in the Hosapete-Ballari region of Karnataka. It also manufactures ferro-alloys (silico-manganese) at its plant in Vyasankare, near Hospet.
The company's consolidated net profit surged to Rs 144.49 crore in Q1 FY25 as against Rs 39.78 crore in Q1 FY24. Net sales jumped 66% YoY to Rs 601.67 crore in June 2024 quarter.
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