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Sunshield Chemicals announces rights issue

Written by: Staff
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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.

UNI JJ MAZ SKB1835

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