| Log in

Creador-backed Somany Ceramics may raise up to $24M afresh

24 March, 2015

Tile manufacturer Somany Ceramics Ltd’s board has approved a plan to raise up to Rs 150 crore ($24 million) through issuance of securities, the company said in a stock market disclosure on Tuesday.

The firm did not share further information on the proposed fundraise but in an email response, the company’s joint managing director Abhishek Somany told VCCircle that this is an enabling resolution and at an appropriate time during its validity the company may decide to raise capital through various routes. “Therefore it would be inappropriate for us to comment whether it will be by way of QIP/preferential allotment or others,” he said.

New Delhi-based Somany Ceramics manufactures ceramic wall and floor tiles and markets its tiles under brand names such as ‘Somany’, ‘Durastone’, ‘Duragres’, ‘VC Shield’ and ‘Somany Express’. Founded by HL Somany in 1969 as Somany Pilkingtons, the firm has plants in Kadi (Gujarat) and Kassar (Haryana).

It is also present in the sanitaryware segment through the brand ‘Acquaware’.

A year ago, Creador bought 4.34 million shares or 11.19 per cent stake in the public listed firm for $8 million through a preferential allotment.

Shares of Somany Ceramics closed at Rs 349.90 on Tuesday, down 2.67 per cent on BSE in a flat Mumbai market.

(Edited by Joby Puthuparampil Johnson)


Leave Your Comment
Creador hikes investment in Somany Ceramics

Creador hikes investment in Somany Ceramics

TEAM VCC 4 years ago
Private equity firm Creador has increased its investment in tile manufacturer...
Creador to pick 11% in Somany Ceramics for $8M

Creador to pick 11% in Somany Ceramics for $8M

Madhav A Chanchani 4 years ago
Private equity firm Creador is closing its third deal in India by picking up...
Exclusive: Private equity firm Creador creates another multi-bagger exit in India

Exclusive: Private equity firm Creador creates another multi-bagger exit in India

Ranjani R 8 months ago
South- and Southeast Asia-focused private equity firm Creador has struck a hat...
No Comments

Creador-backed Somany Ceramics may raise up to $24M afresh

Powered by WordPress.com VIP