Ester Industries engaged in manufacturing and marketer of polyester film and engineering plastics today announced that it has raised Rs 170 million.

The company has raised Rs 120 million by allotting 5,217,392 zero coupon unsecured fully and compulsorily convertible debentures of face value of Rs 5 at a premium of Rs 18 each to Wilemina Finance Corporation and Naomi Consolidated Inc.

The company has raised Rs 50 million by allotting 2,173,914 Coupon Convertible Share Warrants of face value of Rs 5 at a premium of Rs 18 each to Super Leasing on preferential basis in pursuance to the special resolution passed by the members of the company in the extra ordinary general meeting of the company held on Oct. 21, 2009.

The company is engaged in the production and marketing of versatile ranges of polyester films and engineering plastics.

Shares of the company declined Rs 0.75, or 3.68%, to trade at Rs 19.65. The total volume of shares traded was 81,253 at the BSE (3.27 p.m., Friday).