Preferential allotment to fund capex plan: FIL has announced expansion plan of Rs 1 bn for which the company has proposed Rs 300 mn by preferential allotment and Rs 700mn by loan from banks. The proposed funds will be used for enhancement of the capacity from 5,000 MT to 15,000 MT p.a., to meet working capital requirement and other general corporate purposes. We expect the impact of proposed expansion by the end of H2FY18. We have considered (QIP of Rs 300mn) equity dilution in our earlier valuation where our estimated share capital was Rs 163 mn but as per company press release of...