Shares of Sandur Manganese and Iron Ores Ltd saw an increase of nearly 3% on Thursday after the company received approval from the Karnataka State Pollution Control Board (KSPCB) to enhance its manganese ore production capacity. The company can now increase production from 0.43 million tonnes per annum (MTPA) to 0.55 MTPA at its mining lease.
In a statement, Sandur Manganese informed the stock exchanges that KSPCB granted the consent for operation under the Air and Water Act. The company will present this approval to the Supreme Court’s Monitoring Committee to move forward with the expanded operations.
Additionally, on September 16, Sandur Manganese’s board approved raising up to ₹1,000 crore via the issuance of equity shares through a qualified institutional placement (QIP). This fundraising will help bolster operations and is subject to shareholder and regulatory approvals.
As of 9:40 am, the company’s shares were trading 2.48% higher at ₹495.15 on the NSE.
