Ess Dee Aluminium, aluminium foil and packaging material maker for pharma and FMCG industry, on Wednesday said that it will raise Rs 81.08 crore through issue of equity shares to Morgan Stanley on preferential basis. The board of directors at it s meeting decided to issue 14.1 lakh shares at Rs 575 per share on preferential allotment basis to Morgan Stanley, Ess Dee said in a filing to the BSE.

The aforesaid share allotment is subject to shareholders' approval which would be sought at an extra ordinary general meeting scheduled on September 3, it added.

"Such funds will facilitate its pursuit of expanding its horizons through both organic and inorganic routes thus enabling the entity to expeditiously capitalise on the growth opportunities,'' the Daman-based company said.

Earlier on July 30, the shareholders had approved the proposal to raise $150 million from overseas markets through issue of securities. "The packaging opportunities in the pharmaceutical, food and FMCG sectors are immense and the company with its inhere nt strengths, unique vertically integrated business model and end-to-end solutions providing capability, is well poised to reap the benefits,'' it added.

Shares of Ess Dee were last trading at Rs 543.90, down 0.81 per cent on the BSE. - PTI

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