Carysil Ltd to Raise ₹150 Crore through Equity Shares Issue

On Wednesday, Carysil Ltd stated in an exchange filing that the board has approved raising capital up to ₹150 crore through the issue of equity shares of face value of ₹2 each.

Details of the Fundraising

On March 20, 2024, Carysil Ltd informed that the Board of Directors held a meeting and approved raising capital through Qualified Institutions Placement (QIP)/Preferential Issue for an aggregate amount not exceeding ₹150 crore through the issue of equity shares of the face value of ₹2 each. The company will seek the shareholders’s approval for the proposed QIP or preferential issue through a postal ballot.

Along with the fundraising, the company also informed the exchanges about the appointment of new independent directors.

Regarding the same, the company stated, “This is to inform you that the Board of Directors, at its meeting held today, inter alia, has approved the following proposals, subject to such regulatory/statutory approvals as may be required, including approval of the shareholders of the Company.”

It further read, “Raising of capital through a Qualified Institutions Placement/Preferential Issue, for an aggregate amount not exceeding ₹150 crore by the issue of equity shares of a face value of ₹2 each in accordance with the Chapter VI of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, the Companies Act, 2013, and the rules made thereunder and any other applicable laws, each as amended, and related matters thereto. The company will be seeking approval of the shareholders for the proposed QIP/Preferential Issue by Postal Ballot.”

About the two new independent directors, the company stated that as per the recommendation of the Nomination and Remuneration Committee, it considered and approved the appointment of Ms Katja Larsen and Mr Prabhakr Dalal as Additional Directors designated as Independent Directors with effect from March 20, 2024. The term of their appointment as independent directors will be for 5 years, and the appointment is subject to shareholders’ approval.

Carysil promoters hold a 43.84% stake in the company as per the shareholding pattern in the quarter-ended December 2023. As of December 2023, veteran investor Ashish Kacholia also has a stake of 3.73% in the company.

On Wednesday, March 20, 2024, the share price of Carysil Ltd opened at ₹959.70, touching the day’s high at ₹985.00, as of 2:26 PM on the NSE.

About Carysil Ltd

Carysil Ltd was previously known as Acrysil. The company is involved in the manufacturing and trading of stainless steel kitchen sinks, quartz kitchen sinks, tiles, bath products, kitchen accessories and more.

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