One of India's largest lead producer, Gravita India has approved a fund raise of up to Rs 1,000 crore through equities or partly converted debentures, or both, through a private placement, fresh public issue of equity or debt, preferential issue or a rights issue, in one or more tranches.
Managing Director Rajat Agrawal has also been elevated to the position of CMD, the company said.
The company has lined up a capex of over Rs 600 crore until FY27, which will be funded from internal accruals and the company is not taking any incremental debt.
"We are not taking any incremental debt, except small debt for our working capital for the future. So we have enough cash flow for funding the incremental capex also and part of working capital also. So we are not going for the debt for this capex," Gravita India said.
For FY25, Gravita India has lined up a capex of Rs 180 crore, including Rs 140 crore for the existing verticals and the rest for new verticals. In total, the total capex planned over five years till FY27 is over Rs 600 crore.
The company has seen a trend of lead recycling in India shift towards the formal sector in recent years.
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