The latest development in counter of Cals Refineries: It has got a big investor, Kuwait’s Kharafi Group as investor through company GDR issue. Kharafi Group operates in more than 30 countries and has more than 100,000 employees.
Al Qebla Al Watya, the Kharafi investment vehicle, will invest in with $150 million (Rs. 675 Crores) through global depository receipts (GDR) for Cals Refineries for building the refinery at Haldia.
This refinery project has been delayed by almost 3 years now and company management is facing problems in financial closure of the project. With this positive development, it is expected that management would be able to achieve financial closure soon and progress on the project.
Cals refineries stock was locked in upper circuit of 18.5% today with orders pending to buy shares at huge quantity (6.5 crores).
I have discussed Cals Refineries few times in last two years and have recommended it as penny stock bet. I have investment in it.
Read More on Cals Refineries:
CALS Refineries - Small Cap Stock & Penny Stock Analysis
Cals Refineries - Small Cap Penny Stock - What to do?
You may read detailed news in "The Telegraph" here.