Sumeet Industries Limited, , one of the leading integrated polyester manufacturers engaged in the production of Pet Chips, Partially Oriented Yarn (POY), Fully Drawn Yarn (FDY) and Polyester Texturized Yarn, has announced a Rights Issue for its eligible shareholders aimed at enhancing financial flexibility and supporting the Company's strategic business priorities.
The Board of Directors of Sumeet Industries Limited has approved the terms of a Rights Issue aggregating to Rs.199.75 Cr through the issuance of Rs.16.84 Cr fully paid-up equity shares.
The Company proposes to deploy Rs.49.00 Cr from the Rights Issue proceeds towards the acquisition and operationalisation of Additional 140,000 Ton Per Annum Polyester Chips (CP) Plant acquired from Nakoda Limited in Surat, Gujarat. The project involves a total capital outlay of Rs.90.00 Cr; with the balance Rs.41.00 Cr being funded through internal accruals. Expected to be recommissioned in Q1 FY27-28, the facility will strengthen backward integration and support the Company's downstream polyester manufacturing operations.
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