Balrampur Chini Mills Limited has informed the Exchange about raising of funds
BALRAMCHIN · price
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On the reaction day the stock moved 2.1 pts less than Nifty Smallcap 250 and 0.5 pts less than its Sugar peers, over the same two closes: a difference in percentage points, not a measure of what the filing did.
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Balrampur Chini Mills board approved a preferential allotment of up to 93,16,771 equity shares at Rs. 483 per share (including Rs. 482 premium) to raise Rs. 450 crore. Allottees include Promoters (Vivek Saraogi, Sumedha Saraogi, Meenakshi Mercantiles) and Non-Promoter institutional investors such as TATA Small Cap Fund, Ikigai Emerging Equity Fund, Alchemy Long Term Ventures Funds, 360 One Pipe Fund, and multiple ICICI Prudential funds. The board also approved issuance of listed, secured non-convertible debentures (NCDs) up to Rs. 200 crore on private placement. CAPEX for the 80,000 TPA Poly Lactic Acid (PLA) project at Kumbhi, UP has been revised upward by Rs. 230 crore to Rs. 3,080 crore due to construction material cost increases and supply chain disruptions. A new Lactogypsum Processing Plant will be set up at Kumbhi with an investment of Rs. 160 crore, to be funded from the preferential issue proceeds.
The Rs. 450 crore equity raise and Rs. 200 crore NCD will dilute promoter and public shareholding but fund key growth projects. The PLA project cost overrun by Rs. 230 crore increases execution risk, though institutional participation from marquee investors signals confidence. The gypsum plant adds vertical integration to PLA operations.