Pondy Oxides hits 52-week high on MoU with Tamil Nadu govt to set up recycling plants

The meeting of board of directors has been scheduled on January 12, 2024, to consider the proposal for raising funds.

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Pondy Oxides share price tocuhed 52-week high of Rs 794.50 in early trade on January 10 after the company signed a Memorandum of Understanding (MoU) with the Tamil Nadu government to set up recycling and manufacturing plants.

At 09:19 hrs, the company was trading at Rs 775, up Rs 50.40, or 6.96 percent, on the BSE.

“…. has entered into a MoU with Tamil Nadu (TN) Guidance, the nodal agency of Government of Tamil Nadu (GoTN) for Investment Promotion and facilitation, to set up state of the art recycling and manufacturing plants for non-Ferrous metals, lithium-Ion batteries, paper, plastics and rubber contributing to sustainability and circular economy to the state of Tamil Nadu,” the company said in an exchange note.

The company proposes to invest Rs 300-500 crore in the proposed projects over the next 5 years.

The government of Tamil Nadu has agreed to provide facilitation and support to the company in the form of necessary infrastructural support and regulatory facilitation, subject to applicable laws including uninterrupted power supply and other infrastructure support on best -effort basis.

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The company has scheduled a meeting of the board of directors for January 12, 2024, apart from other corporate matters, to consider the proposal for raising funds by way of issue of one or more instruments, including equity shares, convertible securities of any description or warrants or debt securities, through preferential issue, private placement, rights issue or any other methods or combination thereof, subject to such regulatory/statutory approvals as may be required, including the approval of the shareholders of the company.