Date:28/12/2005 URL: http://www.thehindubusinessline.com/2005/12/28/stories/2005122802470200.htm

Back Maxwell Ind plans to raise Rs 275 cr thru equity, bond issue

Our Bureau

Mumbai , Dec. 27

MAXWELL Industries Ltd plans to raise around Rs 275 crore through domestic or international bond, or an equity issue.

"These resources raised by the company will allow it to pursue its expansion plans which include doubling the capacity of vertically integrated operations from spinning mill, processing mill, garmenting and marketing with distribution and retail models.

Launch of additional brands portfolio is also on the anvil," the company said quoting its Managing Director, Mr L.J. Reddy.

The board also approved the issue of three bonus shares for every four existing equity shares of the company.

The bonus shares will increase the capital from Rs 6.16 crore to Rs 10.78 crore.

The board also approved splitting existing one equity share of Rs 10 each into five equity shares of Rs 2 each.

It approved the acquisition of sister concerns in order to integrate all activities under the flagship.