Sirca Paints raises INR 763m through equity issue

Sirca Paints India Limited will issue up to 20,11,000 equity shares at INR 379.50 each to non-promoter investors, raising up to INR 76,31,74,500.

The proceeds will fund new manufacturing facilities (INR 35 crore), distribution expansion and brand promotion (INR 6 crore), working capital (INR 30 crore), and general corporate purposes (INR 5 crore).

The company confirmed no promoters or directors will subscribe to the offer and no control change is expected.