Shalimar Paints explores fund raising opportunities

Team Udayavani, May 28, 2018, 12:47 PM IST

New Delhi: Shalimar Paints today said it is exploring various fundraising opportunities including investment from third parties or strategic investor to improve the performance of the company.

The company said it is facing financial difficulty post major fire at its Nasik Plant in November 2016.

“The company continues to explore and evaluate various fundraising opportunities from time to time including investment from third parties/strategic investor to improve the performance of the company,” Shalimar Paints said in a regulatory filing.

Earlier, the company had announced that it was also looking at raising up to Rs 300 crore (almost equivalent to current market cap) funds through a rights issue.

Shares of the company were trading 3.55 percent lower at Rs 144.20 apiece on BSE.