Camlin to raise Rs 21 cr to fund expansion
Camlin Ltd to raise Rs 21 crore through preferential allotment of securities to foreign institutional investors.
By PTI |
MUMBAI: Stationery products maker Camlin Ltd will raise Rs 21 crore through preferential allotment of securities to foreign institutional investors (FIIs) to fund its expansion plans.
"This capital raising is done to fund company's expansion plans, capital expenditure and towards overall growth of the company," Camlin said in a filing to the Bombay Stock Exchange.
The board of directors at its recent meeting approved the issue of six lakh equity shares and an equal number of warrants at Rs 175 each on a preferential basis to FIIs such as Comgest Growth PLC and Notz Stucki Et Cie SA.
"With these initiatives the company expects to achieve a good growth in turnover and profitability in the coming years," it added.
An extraordinary general body meeting is scheduled for September 13, to seek shareholders' approval.
In view of the above placements, the board has also considered the proposal for increasing the authorised capital of the company from Rs 5 crore to Rs 10 crore and raising the FII Investment limit to 30 per cent.
Camlin offers a wide range of products such as artist materials, colours, stationery products, office products and writing instruments under the Camel and Camlin brands.
Shares of the company were trading at Rs 170, down 0.50 per cent on BSE in morning trade.
"This capital raising is done to fund company's expansion plans, capital expenditure and towards overall growth of the company," Camlin said in a filing to the Bombay Stock Exchange.
The board of directors at its recent meeting approved the issue of six lakh equity shares and an equal number of warrants at Rs 175 each on a preferential basis to FIIs such as Comgest Growth PLC and Notz Stucki Et Cie SA.
"With these initiatives the company expects to achieve a good growth in turnover and profitability in the coming years," it added.
An extraordinary general body meeting is scheduled for September 13, to seek shareholders' approval.
In view of the above placements, the board has also considered the proposal for increasing the authorised capital of the company from Rs 5 crore to Rs 10 crore and raising the FII Investment limit to 30 per cent.
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Camlin offers a wide range of products such as artist materials, colours, stationery products, office products and writing instruments under the Camel and Camlin brands.
Shares of the company were trading at Rs 170, down 0.50 per cent on BSE in morning trade.
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