Grasim to consider fund raising on October 16

Aditya Birla Group flagship Grasim Industries on Wednesday said that the company will consider fund raising in its meeting scheduled on October 16. The company said in an exchange filing that the board will consider the proposal for raising of fund by way of equity shares or other securities through rights issue, qualified institutions placement, preferential issue or any other method in the board meeting on Monday.

Earlier, the flagship company of the Aditya Birla Group announced that it will be launching its paints business in the March quarter of the financial year 2024. The company plans on offering a full suite of high-quality products in the decorative paints segment. "We have every reason to believe that we would be a very strong No.2 in the next five years," Birla told CNBC-TV18 in an interview in Davos at the World Economic Forum (WEF) 2022 meeting.

In the first quarter of the financial year, Grasim reported 56 percent year-on-year (YoY) decline in standalone net profit at Rs 355 crore for the June quarter, as compared to Rs 808.56 crore in the last year period.

Grasim shares ended 3.3% higher in Wednesday's session, up for second day in a row. The stock has gained in four out of the last 10 trading sessions. The stock has gained 14.5% in 2023 so far.