The share price of Grasim Industries went up 1 percent to a 52-week high of Rs 2,163.30 in the opening trade on January 1 after the company expanded its advanced materials capacity at the Gujarat unit.
At 9:24am, Grasim Industries was quoting at Rs 2,159.15, up Rs 24.75, or 1.16 percent, on the BSE.
"The chemical division of the company has successfully commissioned additional 123,000 tons’ annual capacity of Advanced Materials (Epoxy Resins and Formulation) manufacturing capacity at Vilayat, Dist. Bharuch, Gujarat," the company said in its release.
With this expansion, the total capacity of advanced materials stands at 246,000 tonnes a year.
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A meeting of the board of directors of the company is scheduled to be held on January 4, 2024, to consider, discuss, and decide various matters in connection with the rights issue, including the specific terms of the issue, such as the determination of the price and related payment mechanism, rights entitlement ratio, the record date and timing of the rights issue.
The company board in its meeting held on October 16, had approved raising of funds by way of issue of equity shares of face value of Rs 2 each through rights issue for an amount not exceeding Rs 4,000 crore to the eligible equity shareholders of the company.
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