Patel Engineering board approves preferential issue of shares and fundraising up to Rs 500 cr

During the meeting of July 28, 2022

The Board of Directors of Patel Engineering, at its meeting on July 28, 2022, approved the issue of up to 1,57,72,870 shares of the company at par value Re. 1 each at a price of Rs. 25, 36 per capital share on a preferential basis for cash consideration of up to Rs. 40 crore, subject to shareholder approval and any other regulatory or statutory approval that may be required.

The Board has also approved an enabling resolution for the raising of funds by the issuance of shares or other securities, including by way of rights issue or qualified institutional placement or any other permitted mode or a combination thereof. ci up to an amount of Rs. 500 crore, subject to shareholder/regulatory and/or statutory approval, as the case may be.

Powered by Capital Market – Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear reader,

Business Standard has always endeavored to provide up-to-date information and commentary on developments that matter to you and that have wider political and economic implications for the country and the world. Your constant encouragement and feedback on how to improve our offering has only strengthened our resolve and commitment to these ideals. Even in these challenging times stemming from Covid-19, we remain committed to keeping you informed and updated with credible news, authoritative opinions and incisive commentary on relevant topical issues.
However, we have a request.

As we battle the economic impact of the pandemic, we need your support even more so that we can continue to bring you more great content. Our subscription model has received an encouraging response from many of you who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of bringing you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practice the journalism we are committed to.

Support quality journalism and subscribe to Business Standard.

digital editor

First published: Thursday, July 28, 2022. 2:18 PM IST

Previous HUDCO Board approves Rs 20,000 cr fundraising plan for FY23
Next Assets, net outflows "disappointing" for Jupiter Fund Management