Passari Cellulose board approves FPO plan

MUMBAI: Passari Cellulose Ltd today said its board has approved further issue of shares (Follow-on Public Offer) to fund the new factory and expansion of business.

The board, which met yesterday, also approved delisting of the company from Calcutta Stock Exchange (CSE), it said in a statement to the Bombay Stock Exchange.

The proposal is subject to the approval of the members and authorities concerned, it added, without revealing the amount to be raised through the share sale. Passari Cellulose is engaged in the business of agro products.

Shares of the company were quoting at Rs 64.90, up 1.88 per cent in the morning trade on the BSE.