Chennai, India -- The board of Manali Petrochemicals, a polyol production company, has approved a plan to raise up to $50m.
The proposal, which needs shareholder approval, gives management wide leeway to issue ADRs/global depository receipts/convertible bonds in rupee or other currencies or more shares.
It also gives management considerable room to 'enhance business activities both in domestic and overseas market, through the acquisition of existing companies, setting up new manufacturing infrastructure,' as well as to spend the money it raises on product development and introduction.
According to a filing with the Bombay Stock Exchange, a Manali board committee has been set up to decide how much to raise and what to do with the cash that is raised.
