Shaily Engineering Plastics on Tuesday announced that its Board of Directors, in its meeting approved the issuance of up to 8,55,072 equity shares at a price of Rs1,755 each on a preferential basis aggregating to Rs150.06cr.
Amit Sanghvi, Managing Director, Shaily Engineering Plastics Limited said, “This fundraise shall be deployed for the long-term growth of the company and over the next 12-18 months. The investment will be in the healthcare, toys and home furnishing business."
Sanghvi added, "This investment will allow us to leapfrog in the next phase of growth and strengthen our relationship as a strong supplier to global brands. I am thankful to the New Investors for showcasing their trust and confidence in the long-term story of our company.”
Of the total Rs150.6cr fundraising, Rs90cr will be from LightHouse Funds and the remaining Rs60.06cr from White Oak Capital.
On Sensex, the company stock ended near the upper circuit of Rs 1837.90 per piece. The stock settled at Rs 1837 per piece down 4.9%.