Electrotherm India

Electrotherm inks JV pact with Grasim Industries

Ahmedabad-based Electrotherm India Ltd has signed a Joint Venture Agreement with Grasim Industries Ltd, for captive mining of coal block of Bhaskarpara in the state of Chhattisgarh as per the letter of allocation of coal block issued by Government of India, Ministry of Coal.

Under the arrangement, the Joint Venture Company will carry out mining operations and allocate the production from mine to Electrotherm (India) Ltd and Grasim Industries Ltd in the proportion of 52.63% and 47.37% respectively.

Electrotherm India to raise Rs. 300 crore through QIP

Electrotherm (India) Limited has informed that its board of directors has finally approved the raising of funds through qualified institutional placement (QIP) for an aggregate sum not exceeding Rs 300 crore.

The board also approved to raise funds through preferential allotment of equity shares for an amount not exceeding Rs 82 crore.

Further, the board also permitted increase in borrowing limits up to a sum of Rs 25 billion.

An extra ordinary general meeting (EGM) of the company will be held on Mar. 28, 2008 for approval of members.