Grasim Industries share price touched a 52-week high of Rs 1,094.80, gaining 9 percent intraday on January 25 after the company entered paints business.
The company board at its meeting held on January 22 approved entering in paints as a new line of business and subject to the approval of the shareholders.
The entry in the paints sector will add size, scale and diversity to the existing business portfolio of the company.
The company believes that this sector is likely to be value accretive to its stakeholders.
The board of directors has approved initial capital expenditure of Rs 5,000 crore over the next 3 years.
A meeting of the finance committee of the board of directors of the company will be held on January 28, 2021 to consider the issue of Non-Convertible Debentures (NCDs) on private placement basis, in one or more tranches, subject to such regulatory/statutory approvals as may be required.
At 12:14 hrs Grasim Industries was quoting at Rs 1,092.95, up Rs 88.95, or 8.86 percent.
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