Chemical
SRF to raise Rs. 1000 crore via QIP and NCDs
The company intends to raise Rs. 750 crore via QIP and Rs. 250 crore via non-convertible debentures.
- By ICN Bureau
| August 31, 2020
The Board of Directors of SRF Limited has approved the raising of funds for an aggregate amount not exceeding Rs. 750 crores through issue of equity shares by way of qualified institutions placement, in accordance with the relevant provisions of applicable law and subject to approval of the company's shareholders and receipt of applicable regulatory approvals.
The board also approved raising of funds for an aggregate amount not exceeding Rs. 250 crores through issue of listed redeemable secured non-convertible debentures by way of private placement, in accordance with the relevant provisions of applicable law and subject to receipt of applicable regulatory approvals.
SRF Ltd has recently announced plans for setting up of an additional chloromethane facility to produce 1,00,000 tonnes per annum at Dahej, Gujarat at a projected cost of Rs 315 crore.
The company said its existing capacity of chloromethane, which is at 95,000 tonnes per annum, is fully utilised. The proposal is to add an extra 1,00,000 tonnes per annum capacity by January 2022.
The Rs. 315-crore investment required for the project will be raised through a mix of debt and internal accruals for the project, it said. The rationale behind the project is the strategic need to expand the industrial chemicals portfolio, it added.
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