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Ceat to use Rs 500 crore fund raising to finance ongoing projects

 WalkerLewis
  41
 May 30, 2024

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NEW DELHI: Tyre makers plan to raise Rs 50 US crore through issuance of securities, most of which will be used to fund ongoing project expansions in Bangladesh and Gujarat.

Around Rs 3 billion will be invested in this project in Bangladesh. The funds raised will also be invested in the Hahaha plant which is currently being expanded.

“The company has two mega projects, one has been launched in Bangladesh with an investment of around 30 The second one is Haloll The project will increase the radial capacity of some of the passenger cars with an expansion capital of around Rs 6.5 billion. Part of the funds will be utilized for further expansion plans over the next six to eight years,” Managing Director of Ceat Ltd told PTI/PTI/PTI/PTIp, adding.

Earlier this week, the company’s board of directors approved raising up to Rs 500 crore through issuance of additional securities, including shares, foreign currency convertible debentures and American Depository Receipts (ADRs).

With the approval of the Board of Directors, the company can also raise funds through convertible notes, non-convertible notes, preference shares convertible into equity or other equity-linked securities through one or more public or private equity placements (including qualified institutional placements).

The Mumbai-based tire, inner tube and flap manufacturing company said it is yet to decide on the exact amount to be raised through the issue of securities.

Ceat shares were trading at Rs 587.40 each on the BSE, down 0.11% from the previous close.

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