Shaily Engineering Plastics Limited, one of the leading manufacturers of high precision injection molded plastic components for various OEM requirements, medical devices & toys based in Vadodara, Gujarat announced that its Board of Directors, in its meeting approved the issuance of up to 8,55,072 equity shares at price Rs. 1,755/- each on preferential basis aggregating to Rs. 150.06 Crore. The Preferential issue is subject to necessary regulatory and shareholder approvals.

Commenting on the fund raise Amit Sanghvi, Managing Director, Shaily Engineering Plastics Limited said, "This fund raise shall be deployed for the long-term growth of the company and over the next 12-18 months. The investment will be in the healthcare, toys and home furnishing business. This investment will allow us to leapfrog in the next phase of growth and strengthen our relationship as a strong supplier to global brands. I am thankful to the New Investors for showcasing their trust and confidence in the long-term story of our company."