SRF Ltd. has infused additional equity share capital worth Rs 355 crore in its wholly-owned subsidiary, SRF Altech Ltd., via a rights issue.
SRF Altech had subscribed to 35.5 crore fully paid-up equity shares of Rs 10 each in cash, an exchange filing said.
The funds will be utilised to repay the existing debt of the subsidiary without impacting overall projected debt levels for SRF, it said
SRF Altech, with an authorised share capital of Rs 1,000 crore, is engaged in manufacturing aluminium foil.
Shares of SRF were trading 1.26% higher at Rs 2,408.4 apiece on the NSE, as of 3:04 p.m., compared to a 0.03% advance in the benchmark Nifty 50.
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