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telegraphindia.com 14 Sep, 2021 02:15 am

Kesoram Industries Ltd to launch Rs 400 crore rights issue

Kesoram Industries Ltd to launch Rs 400 crore rights issue
The company board, which met on Monday, approved the issue whereby shareholders will be offered 133 shares for every 274 held in the company as on September 17

Kesoram Industries Ltd to launch Rs 400 crore rights issue The company board, which met on Monday, approved the issue whereby shareholders will be offered 133 shares for every 274 held in the company as on September 17 Representational image.21, 02:13 AM Kesoram Industries Ltd will launch its Rs 400 crore rights issue on September 27 and allow eligible shareholders to participate in the share sale for two weeks.It had earlier planned to launch a preferential issue to a section of the promoters prior to the rights issue.Accordingly, the Kesoram board announced a rights issue but doubled the size of the fund raising to Rs 400 crore in an attempt to deleverage the balance sheet faster.

Electrosteel merger Equity shareholders, secured and unsecured creditors of ductile iron pipe maker Electrosteel Castings Ltd approved the scheme for merger of Shreekalahasti Pipes Ltd with the company by way of requisite majority on September 10.The creditors and shareholders of SPL, also a ductile iron pipe maker based in south India, had previously approved the merger with ECL, which has a plant in Khardah near Calcutta.

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