Mumbai: Sumeet Industries announced their plans of raising Rs 93 crore through allotment of shares and securities to fund its expansion plans.
The company has planned to go for backward integration in addition to expansion of production capacity, Sumeet Industries informed the BSE.
It will raise Rs90 crore through the issue of shares to the public and Rs2.75 crore through preferential allotment of 2.50 lakh equity shares to Bennett and Coleman Ltd, owner of Times of India.
The company will also allot 6.67 lakh equity shares to Vishwas Infrastructure.
Post-issue, the authorized share capital of the company will increase to Rs50 crore from Rs25 crore.