Alicon Castalloy has received approval from its Board of Directors to raise funds upto Rs 100 crore by issue of further equity capital by way of a qualified institutions placement (QIP), in one or more tranches, which will be issued to qualified institutional buyers. For this purpose, the Board has convened an Extra-Ordinary General Meeting (EGM) of the shareholders of the company on December 30, 2020 for seeking their necessary approvals.
Further, the Board of Directors took note of the proposal that equity shares may be issued to promoters, foreign collaborators, HNIs and other investors on a preferential basis at a later stage.
Alicon Castalloy (Alicon) is one of India’s largest integrated manufacturers of aluminum castings.
