Hinduja Foundries Ltd got its shareholders’ nod to raise around INR 125 crore through rights issues. The proposed fund raising would support company’s investment of INR 70 crore this fiscal at its new facility in Sriperumbudur and to modernise its Ennore facility.

Mr R Seshasayee chairman of Hinduja Foundries said the company is planning to infuse additional capital of INR 125 crore to meet the funding requirements. The company proposes to issues 16,663,812 shares of INR 10 each at a premium of INR 65 a share on rights basis.

Mr Seshasayee said that “While on one hand we have a great opportunity, because of automotive industry growth, on the other hand we have issues like skilled labour and sustained power.”

(Sourced from BS)