Tirupati Graphite takes "win-win" step with receipt of $1mln prepayments
London, UK
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August 10, 2023 09:10 AM Eastern Daylight Time
Tirupati Graphite PLC (LSE:TGR, OTCQX:TGRHF) CEO Shishir Poddar speaks to Thomas Warner from Proactive London after announcing that the specialist graphite and graphene company has received around US$1mln of prepayments from existing clients, to support the ramping-up of its operations.
Poddar explains the rationale for the decision to arrange prepayment from some existing customers, describing it as "win-win" since the customers have achieved a small discount on the prices previously agreed and Tirupati is now funded to move ahead with increasing production. Poddar expresses gratitude towards shareholders and investors for their support, emphasising the company's commitment to building a strong business.
The CEO highlighted the successful raising of funds through prepayments from long-standing clients, a strategy to avoid dilution of shareholder equity. The funds obtained through these arrangements alleviate liquidity constraints that were impeding production ramp-up. Poddar assures that the company is now in a stronger position with established projects and earnings. He underscored the company's dedication to avoiding equity dilution and expressed optimism about future growth prospects.
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