Kiri Dyes and Chemicals, one of the leading manufacturer and exporters of dyes and dyes intermediates, has decided to raise Rs 250 crore through the issue of securities to meet the company's capital requirements.

Recently, the board has approved the proposal to raise funds to the tune of Rs 250 crore by way of qualified institutional placements or FCCB or GDR.

The company intends to raise funds for expansion of its existing dyes intermediates facilities, diversification project for ethanol and its derivatives and acquisition of one or more companies in India or abroad.

Apart from the latest development, the board has also given its nod to hike the limit of FIIs in the company to 49 per cent from present 24 per cent.