Sumeet Industries announces ₹199.75 Cr Rights Issue for expansion
Sumeet Industries Limited has announced a ₹199.75 Cr Rights Issue to fund strategic growth initiatives. The issue involves 16.84 Cr equity shares at ₹11.86 per share, with an entitlement ratio of 8 rights shares for every 25 shares held. Proceeds will be primarily used for working capital support (₹100 Cr), integrating the acquired 140,000 TPA Polyester Chips plant from Nakoda Limited (₹49.90 Cr), debt reduction (₹23 Cr), and establishing a 6.5 MW solar power plant (₹22 Cr). The company anticipates approximately 30% growth in Total Income for FY27 and expects it to nearly double in FY28, with improving EBITDA margins. The Rights Issue aims to enhance operational resilience, improve resource efficiency, and strengthen long-term growth.
Key Highlights
- Rights Issue of ₹199.75 Cr approved, offering 16.84 Cr shares at ₹11.86 each.
- Proceeds to fund 140,000 TPA capacity expansion via Nakoda plant acquisition.
- Funds also allocated for working capital, debt reduction, and a 6.5 MW solar project.
- Company projects 30% income growth in FY27, nearly doubling in FY28.
- Entitlement ratio is 8 rights shares for every 25 shares held.
Price Impact
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