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Shalimar Paints to rally Rs 200 cr, restore Nashik unit

Wednesday, 31 Oct 2018
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Shalimar Paints is planning to raise Rs 200 crore via rights issue which is part of the capex plan of the company. A part of the capex will be utilised for restoring the unit located at Nashik in Maharashtra and a major chunk of the capex will be used as working capital.

 

An estimated Rs 40-45 crore will be spent on the Nashik factory which is expected to have an annual capacity of 25,000 kilo ltr and is likely to be fully operational by April-May 2019.

Shalimar Paints currently has two operational units -- Chennai in Tamil Nadu and Noida in Uttar Pradesh) -- with a combined capacity of 50,000 kilo ltr per annum.

 
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