The board of directors approved the issuance of 2,07,00,000 warrants at Rs65 per warrant during its meeting on December 02, 2024. This move will support the company's ambitious plans for capacity expansion and a major technology upgrade.
The funds raised will be utilized to undertake a technology upgrade project whereby the company will be transitioning to production capability of making Alu-Zinc Costed Steel products. The production capacity will be enhanced from 132,000 MTPA to 180,000MTPA enabling a 36% increase in output and corresponding revenue. The CAPEX being planned by the company also includes a forward integration project whereby the company would be investing in a new and state of the art steel coil coating line which would catapult the capacity of Pre-painted Steel from 86,000MTPA to 236,000MTPA. Additionally, a portion will be allocated to optimize the working capital cycle and establish a captive solar power plant in a phased manner, reflecting the company's commitment to sustainable and energy-efficient practices.
This strategic move will benefit the company by moving to a more value added and premium product enabling higher margins along with significant growth in production capacity.
This story is from the December 04, 2024 edition of The Business Guardian.
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This story is from the December 04, 2024 edition of The Business Guardian.
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