Kolkata, Apr 08: Loss-making CK Birla group company, Orient Paper and Industries, has raised Rs 13 crore from the market to augment long-term resources In a board meeting in January, the Orient Paper management had decided to raise Rs 20 crore by issuing Redeemable Preference Shares (RPS) of Rs 100 each on private placement basis. However, till March it has raised only Rs 13 crore, company sources said.
"We were suffering losses over the past couple of years and the amount raised through 12 per cent RPS would be used to set off long-term resources," sources said. The company is expected to stage a turnaround this financial year.
"We had received subscription of only Rs 13 crore till March-end, but expect the balance amount to be raised during the current financial year," sources said. Bureau Report