Secondary Issues
Polyester yarn maker Sumeet Industries to raise Rs.200-Cr via rights issue
Mumbai-based Sumeet Industries plans to raise Rs.200-Cr through a rights issue. The company would issue Rs.16.84-Cr fully paid-up equity shares to support strategic business priorities.Sumeet produces PET chips, partially orientated yarn, fully drawn yarn, and polyester texturised yarn. The company intends to allocate Rs.49-Cr from the proceeds toward the acquisition and operationalisation of a 140,000-tonne per annum polyester chips plant previously acquired from Nakoda in Surat, Gujarat.The total capital outlay for the project is Rs.90-Cr, with the remaining Rs.41-Cr funded through internal accruals. The company plans to use Rs.100-Cr for working capital, Rs.23-Cr for debt repayment, and Rs.22-Cr for the installation of a 6.5-MW solar power plant.
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