Grasim board to consider fund-raise

livemint.com:

New Delhi: Aditya Birla Group’s flagship, Grasim Industries Ltd, announced that it will be holding a board meeting on Monday to consider a proposal to raise funds. “A meeting of the Board of Directors of Grasim Industries Limited is scheduled to be held on Monday, 16 October 2023," it said in an exchange filing on Wednesday. “To consider the proposal for raising of the fund by way of equity shares or other securities through a rights issue, qualified institutions placement, preferential issue or any other method as may be permitted under the applicable law, subject to such regulatory/statutory approvals as may be required." This comes at a time when the Kumar Mangalam Birla-led textile manufacturer is set to launch its paint vertical, with a project cost of ₹10,000 crore before the end of the current financial year.

The company launched the paints venture under the brand name, Birla Opus. “Our foray into decorative paints is a strategic choice that enables us to tap a high-growth market and expand our presence in the vibrant Indian consumer landscape," Kumar Mangalam Birla, chairman, Aditya Birla Group, announced last month. “The company, over the last couple of years, built a strong foundation to enable a successful business launch.

We endeavour to become a profitable No. 2 player in the years to come. Announcing our brand name is the first of many steps that will follow in this direction." It plans to offer a full suite of high-quality products in the decorative paints segment.