The board approved raising of funds through a qualified institutions placement (QIP) for an aggregate amount not exceeding Rs 350 crore by issue of equity shares of face value of Rs 10 each.

Ganesha Ecosphere is a leading PET waste recycling company in India and is engaged in the manufacturing of recycled polyester staple fibre (RPSF), Spun Yarn and Dyed Texturised Yarn.

The company’s consolidated net profit declined 85.8% to Rs 2.80 crore on 11% decrease in net sales to Rs 278.45 crore in Q2 FY24 over Q2 FY23.