Grasim to consider fund raise on October 16

Grasim Industries, the flagship firm of the Aditya Birla Group, announced on Wednesday that it will discuss fund raising at its meeting on October 16th. The board will discuss the proposal for raising money by issuing equity shares or other securities through a rights issue, qualifying institutions placement, preferential issuance, or any other mechanism at the board meeting on Monday, the business stated in an exchange filing.

The Aditya Birla Group's flagship firm had declared that its paints division would begin operations in the third quarter of the fiscal year 2024. In the decorative paints market, the company intends to provide a comprehensive range of top-notch goods. "We have every reason to believe that we would be a very strong No.2 in the next five years," Birla said at the World Economic Forum (WEF) 2022 meeting.

Grasim reported a 56% year-over-year (YoY) fall in standalone net profit for the first quarter of the fiscal year, coming in at Rs 355 crore for the June quarter as opposed to Rs 808.56 crore in the same period the previous year.