The board of Phillips Carbon Black has approved fund-raising to the tune of ₹500 crore by way of issue of securities.
The fund-raising could be by way of preferential issue, qualified institutional placement (QIP) or foreign currency convertible bonds (FCCBs), among others, the company said in a regulatory filing to the BSE on Wednesday.
The board has also approved sub-division of the face value of company’s equity shares of ₹10 each into five equity shares of face value ₹2 each.
Riding on the back of higher sales and better capacity utilisation, Phillips Carbon witnessed a near four-fold jump in net profit to ₹57 crore for the quarter ended December 31, 2017.
Net profit during the same period last year stood at ₹15 crore.
Revenue from operations increased nearly 13 per cent to ₹612 crore during the quarter under review, compared with ₹539 crore in the same period last year.
The company has an installed capacity of 4.8 lakh tonnes across its four plants at Durgapur, Kochi, Mundra and Palej.