The company made this announcement after market hours on Wednesday, 4 January 2012.

Meanwhile, the BSE Sensex was up 60.14 points, or 0.38% to 15,942.78

On BSE, 8,127 shares were traded in the counter as against an average daily volume of 12,407 shares in the past one quarter.

The stock hit a high of Rs 75.25 and a low of Rs 74.45 so far during the day. The stock had hit a record low of Rs 50 on 20 December 2011. The stock had hit a 52-week high of Rs 520 on 6 January 2011.

The small-cap stock had underperformed the market over the past one month till 4 January 2012, falling 10.99% compared with Sensex's 5.72% decline. The scrip had also underperformed the market over the past one quarter, sliding 42.34% as against Sensex's 0.11% return.

The company has an equity capital of Rs 19 crore. Face value per share is Rs 10.

Kiri Industries board of directors meet on 9 January 2012 to consider and approve alongwith other business to raise fund upto Rs 300 crore by way of QIPs/FCCBs/GDRs/preferential allotment of equity or domestic convertible bonds and/or non-convertible debentures with warrants. The company is raising funds to reduce cost of funds by replacing higher cost debt with lower cost funds, and to strengthen capital base and for general corporate purposes.

Kiri Industries reported net loss of Rs 7.15 crorer in Q2 September 2011 compared with net profit of Rs 11.13 crore in Q2 September 2010. Net sales fell 4% to Rs 118.50 crore in Q2 September 2011 over Q2 September 2010.

Kiri Industries is one of the largest manufacturers and exporters of wide range of dyes, intermediates and chemicals from India.