Phillips Carbon Black Ltd announced that its Board of Directors at a meeting held on Friday, 27th August, 2021, have considered and approved the raising of funds for an aggregate amount not exceeding Rs 500 crores ($68.5 million).
The company plans to raise funds through issue of securities by way of private placement or preferential issue or public issue or through any other permissible mode and/or combination thereof, including by way of qualified institutions placement.
The company said that the funds will be raised in accordance with applicable laws and subject to appropriate sanctions, permission and approvals including shareholders’ approval and statutory and regulatory approvals, as may be required.
Phillips Carbon Black is India’s largest carbon black manufacturer.