BK Birla group firm Kesoram Industries on Saturday said its board has okayed a proposal for raising up to Rs650 crore through issue of securities. “The board, which met on Saturday, approved to raise an amount not exceeding Rs650 crore via qualified institutional placement of shares and/or any other financial instruments or security convertible into equity, FPO, ADR/GDR/FCCB,” Kesoram Industries said in a regulatory filing.
The board also approved disposal and transfer of firm’s Spun Pipe and the Heavy Chemicals undertakings both located in Bengal, it added.