Cosmo Films to raise upto Rs 100 crore through Qualified Institutional Placement

07-Dec-15

Cosmo Films, a manufacturer of bi-axially oriented polypropylene (BOPP), will raise up to Rs 100 crore through Qualified Institutional Placement (QIP) of equity shares and/or any other eligible securities," Cosmo Films said in a BSE filing. The company had earlier announced plans to invest Rs 220 crore for capacity expansion. Cosmo is installing a new BOPP line with 60,000 tpa capacity by early 2017 at its Vadodara facility in Gujarat. Plans are underway to add cast polypropylene line at its Maharashtra facility at a cost of Rs 20 crore, as per PTI. The project will be funded through debt and internal accruals. The line has already been ordered and will increase the company's annual BOPP production capacity to 2,00,000 tpa.