Mitsu Chem Plast board approves fundraise of Rs200 crore; Stock jumps over 2.5%

16 Feb 2022 , 10:15 AM

Mitsu Chem Plast Limited Board of Directors on February 15, 2022, has approved raising of funds up to Rs200 crore by way of issue of equity shares or any other instruments or securities through a further public issue/ Qualified institutional placement, private placement/ right issue, or through any other permissible mode and/or a combination thereof as may be considered appropriate, subject to shareholders and other such approvals, as may be required.

The company’s board has also approved an increase in Authorised Share Capital of the Company from Rs12.08 crore consisting of over 1.20 crore equity shares of Rs10/- to Rs25 crore consisting of 2.50 crore equity shares of Rs10/- (Rupees Ten Only) each and consequent alteration of Memorandum of Association, subject to the approval of shareholders.

At around 10.16 AM, Mitsu Chem Plast Limited was trading at Rs285.95 per piece up Rs7.45 or 2.68% on the BSE.