Surana Industries gets approval to raise $100 million

28 Jun 2011 Evaluate

Surana Industries has received an approval and the company has been authorised to raise an amount equivalent to $100 million or equivalent in any other currency, including Indian Rupees by issue of equity shares at a premium or such other security of the company. The company has received an approval at its board meeting held on June 21, 2011.

The company is planning to mobilize funds for expansion project the company. Further, the board authorized the company to obtain the approval of shareholders of the company through postal ballot for the above.

Surana Industries, is the flagship of Surana Group, is one of the major TMT (thermo mechanically treated) bars manufacturer located in Chennai. Surana offers steel, can be described as high-strength steel having superior properties such as weldability, ductility and bendability meeting highest quality standards at domestic level.

Peers
Company Name CMP
Tata Steel 142.80
JSW Steel 976.80
SAIL 112.70
Jindal Stainless 671.75
Jindal Saw 296.70
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