Plan to raise Rs 50 cr via 6% stake dilution; funds to be used to set up new capacity: Bharat Wire Ropes

Bharat Wire Ropes is in the news ahead of their meeting on March 9th to explore fund raising via follow-on public offer (FPO), qualified institutional placement (QIP), private placement, or rights issue.

In an interview with CNBC-TV18, ML Mittal, MD of Bharat Wire Ropes spoke about the latest happenings in his company and sector.

We are planning around Rs 50 crore through QIP and this will be around 6 percent dilution, but subject to board clearance. We are meeting on Friday; once board clears, then we can go ahead, he said.

We have set up a new plant for manufacturing wire ropes, and we have to spend some money for value added products. At the same time, we also require some working capital for the company, he added.

For full interview, watch accompanying video...