The Business Bytes
New Delhi, September 19, 2024 (TBB Bureau): Oriental Trimex Ltd, a leading processor and trader of natural stones in India, has announced the launch of its Rs. 48.51 crore Rights Issue, which opens on Thursday for subscription. The funds raised will fuel the company’s ambitious expansion plans, which include capital expenditure for installing additional marble block machinery in Tamil Nadu, the development of a ‘Jet Black’ granite quarry in Odisha, construction of a showroom-cum-warehouse, meeting working capital requirements, debt repayment, and other corporate purposes.
The Rights Issue is priced attractively at Rs. 11 per share, a discount to the company’s closing share price of Rs. 16.90 on September 18, 2024. The issue will close on September 27, 2024.
Under the Rights Issue, Oriental Trimex will issue 4.41 crore fully paid-up equity shares with a face value of Rs. 10 each, amounting to a total of Rs. 48.51 crore. The entitlement ratio has been set at 3:2, meaning shareholders will receive three equity shares for every two shares held as of the record date, September 5, 2024. Shareholders can renounce their rights on the market until September 24, 2024.
Founded in 1996, Oriental Trimex is renowned for supplying premium Italian and other marbles to the Indian market. The company operates a state-of-the-art marble processing plant in Greater Noida, with a production capacity of 25,200 metric tons per annum. The plant is equipped with cutting-edge machinery imported from SEI, Italy, including Gangsaws, robotic resin lines, and automatic polishers. In addition to importing semi-finished marble slabs from Italy and Sri Lanka, the company also sources high-quality materials domestically. With sales outlets and factories in Greater Noida, Oriental Trimex is a dominant force in the imported marble market across India.
