Pondy Oxides' Board Gives Approval To Raise Rs 250 Crore Via QIP
The company will convene an extraordinary general meeting on Oct. 25, 2024, to seek the shareholders' approval for the QIP.
(Source: Envato)
Pondy Oxides and Chemicals Ltd. on Monday announced that its board has given approval to raise funds using the issue of shares in one or more tranches through qualified institutional placements for a total amount not exceeding Rs 250 crore, according to an exchange filing.
The firm has constituted a fund-raising committee consisting of Chairman and Managing Director Ashish Bansal, the Director of Finance K Kumaravel and the Chief Financial Officer B Vijay, the filing added.
The company will convene an extraordinary general meeting on Oct. 25, 2024, through video conferencing or other audio-visual means to seek the shareholders' approval for the QIP.
In another exchange filing, the company also announced that it has fixed Oct. 16, 2024, as the record date for the purpose of determining eligible shareholders for receiving the split shares of existing equity shares.
This change, which ensures that the new shares will have equal rights, was approved by shareholders at the annual general meeting held on Sept. 18, 2024.
Each existing equity share with a face value of Rs. 10 will be split into two new shares with a face value of Rs. 5 each.
Further, it also announced in an exchange filing that the board of directors has approved the appointment of RS Vaidhyanathan as the executive director (non-board member) and senior management personnel of the company with effect from Sept. 23, 2024.
Shares of Pondy Oxides & Chemicals Ltd. closed 0.18% lower at Rs 2,033.75 apiece on the BSE, compared to a 0.45% advance in the BSE Sensex.
