As per EXPLANATORY STATEMENT attached to board resolution for fund raise , purpose of the fund raise is –
“upto Rs. 130 Crores towards funding organic and inorganic growth opportunities and
strategic acquisitions including but not limited to mergers and takeovers, acquisition by
Slump Sale etc. or acquisition of any business undertaking on going concern basis or
acquisition through SPA directly by the Company or through its subsidiaries or Joint ventures
or associates as approved by the Board from time to time”
So it looks like some acquisition is on cards.
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