June 17, 2024
Corporates

Himatsingka Seide’s Board Approves Rs 400 Crore Fund Raise And Director Appointment

Himatsingka Seide Ltd, a leading player in the textile industry, unveiled strategic decisions following its Board of Directors meeting on January 25, 2024.

Fund raising and capital structure enhancement: The board has greenlighted fund raising up to Rs 400 crore, utilizing equity shares or eligible securities via a Qualified Institutions Placement (QIP).

Pending approvals, there is a proposed increase in authorized share capital and alterations in the capital clause to fortify the company’s financial structure.

Directorial leadership strengthened: Ravi Kumar has assumed the role of Additional and Independent Director, effective January 25, 2024. This appointment is subject to a five-year tenure and awaits shareholder approval.

Sustainable initiatives in green energy: The company has earmarked an investment of up to Rs. 16.45 crores in various companies dedicated to sustainable green energy initiatives.

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