Sunshield Chemicals announces rights issue

Mumbai, Mar 4 (UNI) Sunshield Chemicals Limited has announced a 1:1 rights issue for raising long-term resources to fund its expansion and diversification plans at a cost of around Rs 30 crore.

The funds will also be used for redeeming its preference share capital of Rs 5 crore, stated a press release issued here today.

The Company will be seeking approval of the shareholders to the proposed issue at an extra-ordinary general meeting to be held on April 4.

Sunshield has achieved a 52 per cent sales growth in the first nine-month period of the current financial year from Rs 14.55 crore to over Rs 22 crore, stated the release, adding that exports have contributed significantly to the sales growth.

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