AIA Engineering to raise Rs.150 crores

AIA Engineering Ltd has announced that in pursuance to the Special Resolution passed by the members at their Extraordinary General Meeting held on November 28, 2006 to raise upto Rs 150 crore through FCCB / GDR / QIP issue or a combination thereof, the Board of Directors of the Company at its meeting held on November 28, 2006, has decided to raise Rs 125 crore through QIP (Qualified Institutional Placements) to QIBs (Qualified Institutional Buyers) for further expansion programme upto 100000 TPA to meet the growing market requirements, either through Greenfield / Brownfield expansion or both (at a Strategic Location) and / or also for suitable inorganic growth opportunities, if available, simultaneously, exploring backward integration opportunities for sourcing of certain key raw materials and other key inputs like Power, Long Term Working Capital requirements and for general Corporate purposes of the Company.

Source : Equity Bulls

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