Kesoram Industries has sought shareholders’ approval to raise up to Rs 650 crore through issuance of securities and disposal of two undertakings in West Bengal. The company plans to utilize the proceeds of the proposed issue towards capital expenditure, working capital, reduction in debt as well as for general corporate purposes.
The company had earlier on December 19, 2015, received its board’s approval to raise around Rs 650 crore through issue of securities. The board also approved disposal and transfer of the company’s Spun Pipe and the Heavy Chemicals undertakings both located in West Bengal.
Kesoram Industries is engaged in the manufacture of cement, tyres, tubes, rayon, paper, heavy chemicals and spun pipes. KIL is also listed on Societe de la Bourse de Luxembourg stock exchange.
