Kiri Industries Ltd(formerly Kiri Dyes and Chemicals Ltd) is looking to raise upto Rs 300 crore($56 million) through various means for replacing higher cost debt with lower cost funds and to strengthen its capital base among other purposes, the firm disclosed on Wednesday.
The company’s board is meeting next week to consider and approve alongwith other businesses to raise financial resources through QIPs/FCCBs/GDRs/preferential allotment of equity or domestic convertible bonds among other means for strengthening its balance sheet.
Two years ago Kiri had acquired a German firm DyStar Textilfarben GmbH and its selective assets for $68.5 million (Rs 312 crore). It had secured debt financing from a consortium of banks led by State Bank of India, Exim bank, Oriental Bank of Commerce and Central Bank of India.
Last November, the company had acquired SMS Chemical Co Ltd based in Taiwan for an undisclosed amount.
Kiri Industries is engaged in the manufacturing and supply of dyes and dyes intermediates to the dyestuff industry in India. Its product range is used in textiles, leather, paint and printing-ink industries.
It also exports its products to Bangladesh, Canada, Korea, Taiwan, Turkey and the United States. The company was founded in 1998 and is based in Ahmedabad, Gujarat.