Ganesha Ecosphere Plans Rs 500 Crore Preferential & QIP Issues For Expansion
In a recent board meeting held on November 24, 2023, Ganesha Ecosphere Ltd deliberated on the future prospects of its rPET chips project. The board acknowledged the potential need for further capacity addition based on engagements with customers. Subsequently, the board approved the following proposals, pending regulatory approvals and shareholder consent:
Preferential Issue: The board approved a preferential issue of warrants convertible into equity shares to JPL Finance Limited, a member of the promoter group. The aggregate amount for this preferential issue is set at Rs 150 crore.
Qualified Institutional Placement (QIP): The board authorized the raising of funds through a Qualified Institutional Placement (QIP). The aggregate amount for the QIP is capped at Rs 350 crore, to be raised by issuing equity shares of face value Rs 10 each.
The company will initiate the process of seeking approval from shareholders for the proposed preferential issue and QIP through a postal ballot. The approval process will adhere to applicable provisions and circulars issued by the Ministry of Corporate Affairs.
These strategic initiatives underline Ganesha Ecosphere’s commitment to strengthening its financial position and capitalizing on opportunities in the evolving market landscape. The company remains focused on sustainable growth and delivering long-term value to its stakeholders.
