Prism Cement today said its shareholders have approved the company’s proposal to raise up to Rs 1,250 crore through private placement.
Shareholders through a special resolution allowed the board for making offers to subscribe to secure/unsecured non-convertible debentures (NCDs), including but not limited to bonds and/or other debt securities on private placement basis, the firm said in a regulatory filing.
The company has been allowed to raise up to Rs 1,250 crore, it added. The proposal was approved at the firm’s annual general meeting held earlier this week.
The firm reported a standalone net profit of Rs 15.65 crore for the quarter ended June 2016 against a net loss of Rs 14.90 crore in the year-ago period.
Total standalone income of the company was marginally lower at Rs 1,409.61 crore in April-June this fiscal, from Rs 1,417.65 crore during the same quarter in 2014-15.
In June, Prism Cement announced that it has acquired 15.23 percent stake in BLA power Pvt for Rs 21 crore, a move that will reduce the firm’s production cost.
The firm shall enter into a power supply agreement (PSA) with BLA Power for the purchase and consumption of 25 mw of RTC (Round The Clock) power which will be supplied to its cement plants — units I and II at Satna of Madhya Pradesh.