Sandur Manganese and Iron Ores Ltd. on Monday said that it will raise Rs 1,000 crore through the qualified institutional placement route.
According to exchange filings, the company's board of directors has given the approval to raise the funds through the QIP.
The company will raise the funds through one or more tranches at a face value of Rs 10, according to the exchange filings on Monday.
Earlier, the manganese and iron ores producer had appointed Krishnendu Sanyal as chief executive officer and Manjunath Prabhu as chief operating officer.
Shares of Sandur Manganese and Iron Ores closed 2.05% lower at Rs 489.30 apiece, compared to a 0.12% rise in the benchmark BSE Sensex. The stock had risen 83.23% in the last 12 months and 1.03% year-to-date. The relative strength index was 43.62.
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