Nahar - to expand spinning, weaving & fabric processing facilities
27 Dec '05
2 min read
Nahar Industrial Enterprises Ltd informed that the company is planning to raise $45 million through FCCB/GDR issue to partly finance its expansion plan.
Company will also put up 53 MWs co-generation power project costing Rs 800 crore, the Ludhiana-based company informed the stock exchanges.
The Board of Directors (BOD) at its meeting resolved to expand its spinning, weaving, fabric processing facilities and retail stores, it said.
To partly finance the proposed expansion plans, the company plans to raise up to 40 million US dollar through issue of foreign currency convertible bonds/Global Depository Receipts, it said.
The company also plans to raise an additional five million dollar through green shoe option to be subscribed in foreign currency subject to necessary approvals, it said.
The implementation of these projects will be in phases and is expected to extend up to financial year 2007-08, it added. It said Jefferies International Ltd would act as an adviser for this offering.
An Extra Ordinary General meeting of shareholders of the company would be held on January 30 2006, for getting their approval for issuing proposed securities.
The company has to divisions under its umbrella namely, Oil & Soap Division and the textile division. In the textile division the company has two Spinning units and a weaving unit. The frost spinning unit, a100% EOU, is Engaged in the manufacture of cotton yarn is exporting its yarn to Europe , Hong Kong ,Singapore Taiwan ,Mauritius ,Malaysia and Australia.
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