Gravita India Ltd. has announced several significant decisions following its Board meeting on October 4, 2024. The company aims to raise up to INR 1,000 Crores through various funding options, including equity or debt instruments. This move will allow Gravita India to raise capital through private placements, public issues, or other permissible modes as per regulatory guidelines. The company plans to seek shareholder approval for these fundraising initiatives through a postal ballot.
Additionally, the company has made key changes to its leadership team. Mr. Sunil Kansal has been appointed as the Whole Time Director effective October 4, 2024. Kansal, who also serves as the Chief Financial Officer, brings over three decades of experience in financial management, operations, and strategic planning. Alongside this, Mr. Rajat Agrawal has been promoted from Managing Director to Chairman cum Managing Director, effective October 5, 2024.
Another notable change is the resignation of Dr. Mahavir Prasad Agarwal as Chairman and Whole Time Director of the company, effective from the close of business on October 5, 2024. The decision is due to personal reasons, as communicated by Dr. Agarwal in his resignation letter.
The proposed changes and the fundraising initiative aim to align with the company’s strategic growth plans. Further details regarding the postal ballot and e-voting procedures will be disclosed separately by Gravita India Ltd.
