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.

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


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

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