Sumeet Industries is planning to raise Rs 60 crore through a rights issue. It is planning to offer three new equity shares for every seven held by shareholders of the company as on December 18. The issue, which is priced at Rs 24, closes on January 10. The rights issue opened on December 27. The company intends to use the funds raised for augmenting incremental working capital and general corporate purposes.
The company started as a yarn manufacturing unit and has now grown in a huge conglomerate with various businesses.
