The South India Paper Mills Limited announced that it will issue 3,750,000 equity shares of face value INR 10 each for cash on preferential basis at an issue price of INR 121 per share including a premium of INR 111 for the gross proceeds of INR 453,750,000 on February 28, 2023. The transaction included participation from Harshad Natvarlal Modi for 12,50,000 shares that will now hold 6.70% stake, Harshad Natvarlal Modi & Rajul Harshad Modi for 12,50,000 shares that will now hold 6.85% stake and Rajul Harshad Modi & Harshad Natvarlal Modi for 12,50,000 shares that will now hold 6.67% stake in the company. The transaction has been approved by the board of directors of the company.