Basmati rice processor Rei Agro on Tuesday said its Rs 1,245-crore rights issue will open for subscription for shareholders from Wednesday. "The issue will open for subscription from Wednesday and close on July 16. Promoters will subscribe to their portion," Rei Agro managing director Sundip Jhunjhunwala said. The money raised will be used to retire high-cost debt. Jhunjhunwala said the company has already deliberated on the pricing part of the issue with shareholders, to which they have responded positively.
Aqua Logistics to raise $70 million
Aqua Logistics, a global logistics and supply chain player, said its board has approved a proposal to raise funds to the extent of $70 million or its equivalent sum of in Indian currency by way of issue of ADRs/GDRs/QIP/FCCBs or through any other mode of securities in one or more tranches. Recently, the company completed acquisition of three Hong Kong-based companies - CIT Logistics, TAG Logistics and AGI Logistics through its wholly-owned subsidiary Aqua Logistics HK.
Pantaloon Retail warrant allotment
Pantaloon Retail on Tuesday said it has allotted one crore warrants to its promoters' group company, Future Ideas Realtors India Ltd. The company's committee of directors has allotted one crore warrants at Rs 400 a piece, aggregating Rs 400 crore to Future Ideas Realtors India, Pantaloon Retail (India) Ltd said in a filing with the Bombay Stock Exchange.
Apollo Tyres to hike prices next week
Apollo Tyres on Tuesday said it would increase prices of its products next week, the fourth such instance since January, on account of the rising cost of natural rubber. "Natural rubber prices are increasing day by day and to offset the pressure, we will increase the prices of our tyres. We will be announcing the exact quantum of price hike next week," Apollo Tyres chief financial officer Sunam Sarkar said.