The engineering firm’s board on Wednesday approved raising up to Rs 200 crore via several fundraising options and raising borrowing limits to Rs 700 crore.
The company’s Board of Directors has approved the raising of up to Rs 200 crore through the allotment of shares through a preferential allotment and/or through Qualified Institutional Investments (QIPs), convertible bonds in foreign currencies (FCCB), American certificates of deposit (ADR), global certificates of deposit (GDR) issues or allocations of shares to existing shareholders on an irreducible basis, or according to any combination of these shares, in one or more tranches .
The board decided to appoint various intermediaries, investment bankers, advisers, legal advisers, etc., and to form a fundraising committee of the board for the proposed fundraising program.
In addition, the board also approved the improvement of borrowing limits from Rs 500 crore to Rs 700 crore.
The company said that shareholder approval for the same will be taken through the passing of resolutions by postal ballot.
Salasar Techno Engineering is a custom steel fabrication and infrastructure solutions provider in India.
On a consolidated basis, the company recorded a 25.7% decline in net profit to Rs 7.2 crore despite a 0.4% increase in net sales to Rs 212.28 crore in Q4 FY22 compared to Q4 FY21.
Shares of Salasar Techno Engineering fell 1.22% to Rs 237.90 on BSE.
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