Jai Balaji Industries' board has approved a plan to raise Rs 450 crore through equity, to fund its expansion plans.
However, the company is yet to decide whether to raise the funds through QIP or American Depository Receipts (ADRs) /Global Depository Receipts (GDRs) issues.
The funds are likely to be used to finance the company's planned expansion at its existing five million tpa steel unit at Durgapur and at its upcoming plant in Raghunathpur in Purulia. Jai Balaji is likely to spend about Rs 250 crore to set up a coke oven battery at Durgapur. The remaining funds including debt finance will be used for its greenfield venture at Purulia.
Jai Balaji's Raghunathpur project to spread over 4,000 acre envisages a three million tpa cement plant and a 1,215 MW power plant in phases. Phase I will include a one million tpa cement plant and 400 MW power plant at an investment of Rs 4,500-5,000 crore.
Source : ProjectsToday
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