Orient Paper to expand cement capacity to 3.4 million tonnes

Orient Paper & Industries Ltd has announced that the Board of Directors of the Company at its meeting held on October 05, 2006, has approved expansion of cement capacity by 1 million ton per year i.e. from 2.4 million tons to 3.4 million tons in modification of its earlier decision of expanding capacity to 3 million tons. This is expected to result in investment of Rs 66.5 Crores as against Rs 42 Crores envisaged earlier.

Further the Company has informed that the Board of Directors of the Company at its aforesaid meeting has also decided, subject to approval of the shareholders, SEBI and such other approvals as may be required, to raise capital by issue of ordinary shares on the rights basis to the existing shareholders of the Company for an aggregate amount upto Rs 175 Crores at par or at a premium and in the ratio as may be decided which will be intimated in due course.

Source : Equity Bulls

Keywords