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  1. BK Birla group company Kesoram Industries preference issue in the works to raise Rs 350 cr from promoter firm

BK Birla group company Kesoram Industries preference issue in the works to raise Rs 350 cr from promoter firm

Kesoram Industries, the diversified flagship company of the BK Birla group, on Friday said it is planning to raise up to Rs 350 crore through a preferential issue to a promoter group company.

By: | Published: December 16, 2017 3:15 AM
Kesoram Industries, BK Birla group
Kesoram Industries, the diversified flagship company of the BK Birla group, on Friday said it is planning to raise up to Rs 350 crore through a preferential issue to a promoter group company.(Website)

Kesoram Industries, the diversified flagship company of the BK Birla group, on Friday said it is planning to raise up to Rs 350 crore through a preferential issue to a promoter group company. The preferential issue of equity shares to Manav Investment and Trading Company would lead to a rise in the group’s stake in Kesoram.
The promoter and promoter group held a 46.49% stake in the Kolkata-based diversified company by the end of the second quarter of the current fiscal. Manav Investment held close to 13% stake in Kesoram, according to a stock exchange filing.  In a BSE filing on Friday, Kesoram said its board has explored several capital-raising options in a meeting. “Finally, a preferential issue of equity shares of face value of Rs 10 each which could include convertible warrants of an amount up to Rs 350 crore to Manav Investment & Trading Co, a promoter group company, was approved,” the filing said.

The company may also explore the possibility of induction of a partner to strengthen its tyre business. “The company going forward would further enhance the robustness of its tyre business. This could include a possible induction of a partner with specific expertise in the radial business,” the filing said.

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