Prism Cement has said that its shareholders have approved the company´s proposal to raise up to Rs 1,250 crore through private placement.
Shareholders through a special resolution allowed the board to make offers to subscribe to secure/unsecured non-convertible debentures (NCDs), including but not limited to bonds and/or other debt securities on private placement basis, the firm said in a regulatory filing. The company has been allowed to raise up to Rs 1,250 crore, it added.
The proposal was approved at the firm´s AGM. It reported a standalone net profit of Rs 15.65 crore for the quarter ended June 2016 against a net loss of Rs 14.90 crore in the year-ago period.