Hinduja Foundries is planning to raise around Rs 300 crore from its promoters to cover the huge losses due to adverse market conditions. The funds will be used for working capital and other fund requirements
The foundry arm of Hinduja Group has decided to issue Non-Cumulative Convertible Preference shares which would be subscribed by the promoters of the company. Of total amount Rs 150 crore has been subscribed to and paid by one of the promoter - Ashok Leyland during September-October this year. The balance Rs 150 crore, as per the current schedule of subscription, is expected to be subscribed in March 2013.
