Phillips Carbon Black Ltd. (PCBL) announced that its board has approved raising funds by further issue of securities for an amount not exceeding Rs 500 crore.

The company plans to raise funds through issue of securities via private placement or preferential issue or public issue or through any other permissible mode, including qualified institutions placement.

PCBL, which produces around 603,000 tonnes of carbon black annually, has recently commissioned a greenfield project of about 150,000 tonnes per annum for manufacturing of various grades of carbon black in Tamil Nadu. The project is likely to be commissioned by Q3 FY 2023.