Uflex to launch rights issue around September-end

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22 July 2010. RK Jain, Group President-Finance, Uflex speaking to MoneyControl.com said that the company is going to launch a rights issue around September-end. “The company is looking to sell non-core businesses and is looking at exiting from its telecom investments. The company may raise Rs 100 crore by selling investment in telecom. Non-core assets disinvestment will be around Rs 200 crore.” “When we were growing fast, we made some investments in the telecom and waste management sectors. We realise core competencies will drive us in future, which is packaging,” says Jain. Ulfex has a 40% stake in Qcell Gambia which is the only GSM provider in that West African country. ...cont´d

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