Sebi clears Anjani Portland Cement's rights issue

Markets regulator Sebi has given its go-ahead to Anjani Portland Cement for a rights issue to raise Rs 75 crore

PTI| Last Updated: Mar 28, 2016, 19:15 PM IST

New Delhi: Markets regulator Sebi has given its go-ahead to Anjani Portland Cement for a rights issue to raise Rs 75 crore.

The Securities and Exchange Board of India (Sebi) received draft documents for the rights issue on December 30, and issued its 'observations' on March 23.

Issuance of 'observations' on offer documents by Sebi is considered as a clearance to the issuer to go ahead with the share issues through routes like IPO, FPO and rights issue.

As per the draft papers, Anjani Portland plans to issue equity shares with a face value of Rs 10 each for an amount aggregating up to Rs 7,500 lakh on rights basis.

The proceed will be towards setting up a 16 MW coal based captive power plant at the company's Cement Plant (Power Project).

In the rights issue mode, shares are issued to existing investors at a pre-determined price, normally at a discount, in proportion to their holdings.

The issue is being managed by Motilal Oswal Investment Advisors Pvt Ltd.

During April-January period of the current fiscal, 11 firms have taken the rights issue route to mobilise Rs 8,785 crore, much higher than the Rs 4,402 crore raised in the year-ago period.

Besides, two companies -- Fortune Financial Services (India) and Sun Pharma Advanced Research Company -- launched their rights issue on Monday.