Have enabling resolution to raise $50m: Hindustan Dorr

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Have enabling resolution to raise $50m: Hindustan Dorr

In an interview with CNBC-TV18, SC Sekaran, Executive Director, Hindustan Dorr Oliver, spoke about the latest happenings in his company and sector.

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Excerpts from Bazaar on CNBC-TV18 Watch the full show » RELATED NEWS Hindustan Dorr acquires UK based company DavyMarkham Hindustan Dorr plans nuclear power plant foray ALSO READ See latest News about Hind Dorr-Olive See previous management interviews See what other Experts & Brokerages are saying about Hind Dorr-Olive Hind Dorr-Olive BSE | NSE 09/02/12 Are Mutual Funds betting on Hind Dorr-Olive?

In an interview with CNBC-TV18, SC Sekaran, Executive Director, Hindustan Dorr Oliver , spoke about the latest happenings in his company and sector.

Here is a verbatim transcript of the exclusive interview with SC Sekaran on CNBC-TV18. Also watch the accompanying video.

Q: Can you walk us through what the board has approved in terms of how much money you want to raise and what instrument you want to do that by?

A: We have taken an enabled resolution for raising USD 50 million. This is mainly to increase the net worth of the company. We have recently acquired a company in UK in Sheffield a company called DavyMarkham at a cost of around US 9.5 million. Going forward, we have business plans and the net worth of the company is also very important. With that in mind, we have taken this enabling resolution for this USD 50 million. We will be utilizing it for our future acquisitions and also for our basic needs in terms of manufacturing facility that we are going to create in India. These are certain things we are looking at.

Q: What would be the preferred route? I know that you have not arrived at an exact instrument, but does it look like it will mostly likely be an equity issuance and will it then be a global issuance like a Global Depository Receipt or American Depository Receipt (GDR/ADR) or can it just be a Qualified Institutional Placement (QIP)?

A: We are now looking at the various possibilities. Whatever is there, interest and most beneficial to the company will be decided. But right now we are weighing at all the options available to us.