Heard on the Street: Zuari Industries likely to raise 800 cr for expansion plans via institutional placement
The market is agog with speculation that fertiliser company Zuari Industries is planning to raise around 800 crore through an institutional placement to fund its expansion plans.
By ET Bureau | Updated:
The market is agog with speculation that fertiliser company Zuari Industries is planning to raise around 800 crore through an institutional placement to fund its expansion plans.
Senior company officials have denied any "immediate plans" to raise funds. "We don't have any immediate fund raising plans... we've some greenfield projects coming up for which may need funds. But these (projects) are still at planning stage. We may raise money for these projects, but that's a long way off," said RY Patil, chief general manager & company secretary, Zuari Industries.
The company is planning to set up a 5,000 crore gas-based urea plant in Karnataka with an annual capacity of 1.3 million tonnes a year. Shares of Zuari ended 1.6% lower at 507.40 on the BSE.
Senior company officials have denied any "immediate plans" to raise funds. "We don't have any immediate fund raising plans... we've some greenfield projects coming up for which may need funds. But these (projects) are still at planning stage. We may raise money for these projects, but that's a long way off," said RY Patil, chief general manager & company secretary, Zuari Industries.
The company is planning to set up a 5,000 crore gas-based urea plant in Karnataka with an annual capacity of 1.3 million tonnes a year. Shares of Zuari ended 1.6% lower at 507.40 on the BSE.
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