Shares of Grasim Industries hit a 52-week high of Rs 2,175 on 1 January after the company announced an increase in capacity at the Gujarat unit.

In its regulatory filing, the company said, “The chemical division of the company has successfully commissioned an additional 123,000 tonnes annual capacity of Advanced Materials (Epoxy Resins and Formulation) manufacturing capacity at Vilayat, Dist. Bharuch, Gujarat.”

With this capacity expansion at the Gujarat unit, the total capacity of advanced materials has reached 246,000 tonnes per year.

Moreover, the company, in a separate filing, added that the company’s Board of Directors is scheduled to meet on 4 January 2024 to consider, discuss, and decide various matters involved with the rights issue.

The board will also discuss the specific terms of the issue, including the determination of the price and related payment mechanism, the timing of the rights issue, the rights entitlement ratio, and the record date.

Earlier, when the board of the company met on 16 October 2023, they had approved raising funds by way of the issue of equity shares for an amount not exceeding Rs 4,000 crore that have a face value of Rs 2 each to the eligible shareholders of the company.

At 11:16 am, the shares of Grasim Industries were trading 1.37% higher at Rs 2,164 on NSE.