Lakshmi Energy plans equity dilution to raise funds

Written by Reuters | Mumbai, August 28: | Updated: Aug 28 2008, 19:40pm hrs
Paddy processor Lakshmi Energy & Foods is plans to dilute 5-10 per cent equity to raise funds and reduce its dependance on bank loans for working capital finance, Director I S Gumber said on Thursday.

The company will invest up to Rs 2 billion in the current financial year to buy paddy processors and to boost capacity to 3 million tonnes by 2011 from 1.35 million currently, Gumber said.

"We are considering equity raising at a very good premium. But no decision has been made on this till now," Gumber said in an interview.