Oriental Trimex to Raise Rs 48.51 Crore via Rights Issue

Oriental Trimex has announced a rights issue to raise Rs 48.51 crore. The subscription opens Thursday and closes on September 27. Proceeds will be used to repay loans, for working capital, and machinery setup in Tamil Nadu and Odisha. Record date for eligibility is September 5, 2024.

Oriental Trimex, a processor and trader of natural stones, announced on Monday plans to raise Rs 48.51 crore through a rights issue. The subscription window opens on Thursday and runs until September 27.

According to a company statement, up to 4.41 crore equity shares will be issued at Rs 11 per share. Eligible shareholders will receive three equity shares for every two they hold, with the eligibility being determined based on records as of September 5, 2024.

The funds raised will be utilized for repaying loans, meeting working capital requirements, and setting up additional machinery in Tamil Nadu and a granite quarry in Odisha. Chairman Rajesh Punia indicated the company is close to achieving a debt-free status, which is expected to boost its credibility and reputation. Beetal Financial & Computer Services will manage the issue as the registrar.

(With inputs from agencies.)