Brief: Rasi Electrodes to consider raising funds for expansion, new units

Rasi Electrodes

11/01/2016 07:53

Jan 11 (Reuters) - Rasi Electrodes Ltd  RAEL.BO : 
 * Board to consider conversion of land into industrial land and the approval is 
   awaited 
 * Board to consider expansion and diversification programme into three sectors 
 * Board to consider setting up new units to expand companies presence in other 
   cities in Tamil Nadu 
 * Board to consider funding expansion by way of fund raising including 
   preferential allotment of equity shares/ warrants, borrowing 
 * Source text: 
Rasi Electrodes Ltd has informed BSE that a meeting of the Board of Directors of the Company will be held on January 25, 2016 to consider the following:- 
 
1. The Company has 2.,27 acres of land at Periyapalayam Road, Chennai. The Company has submitted the necessary applications to the relevant authorities for conversion of land into Industrial Land and the approval is awaited. After due consideration of various available business options, the Company desires to evaluate expansion and diversification programme into the following sectors:- 
 
a) Prefab factory building systems. 
b) Continuous welding rods for high end Industrial usage. 
c) Wire Drawing Unit for Industrial purpose. 
 
2. The Board will also consider funding the above expansion through various means of fund raising including preferential allotment of equity shares/ warrants & borrowing from banks. 
 
3. The Board will also consider inducting new Independent Directors. 
 
4. The Board will also take up the proposal of setting up new units to expand companies presence in other cities in Tamilnadu. 
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