Stock Report

Salasar Techno Engineering Ltd board approves fund raising of Rs. 200 crores

Posted On : 2022-06-22 23:17:28( TIMEZONE : IST )

Salasar Techno Engineering Ltd board approves fund raising of Rs. 200 crores

The Board of Directors of Salasar Techno Engineering Limited at their meeting held today i.e., June 22, 2022 at the registered office of the Company, has considered and approved the raising of funds by issuance and allotment of equity shares for up to an aggregate amount of up to Rs. 200 Crores (Rupees Two Hundred Crore), by way of a preferential allotment and/or through QIP, FCCB, ADRs. GDRs issues, or to the existing shareholders on right basis, or in any combination thereof, in one or more tranches, on such terms as may be decided by the Board or its duly empowered Committee, from time to time, in accordance with applicable law, including Companies Act, 2013 and the rules made thereunder and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable regulations, guidelines etc. as amended.

The board decided to appoint various intermediaries, merchant bankers, advisors, legal counsel etc., and constituted a Board's Fund-Raising committee for proposed fund raising program.

The board approved increase in Authorised Capital of the Company from existing Rs. 31,50,00,000/- (Rupees Thirty One Crore Fifty Lakh only) to Rs. 35,00,00,000 (Rupees Thirty Five Crore Only) and consequent alteration in Capital Clause of the Memorandum of Association of the Company.

The board also approved enhancement of borrowing limits from Rs. 500 Crore (Rupees Five Hundred Crore Only) to Rs. 700 Crore (Rupees Seven Hundred Crore Only) in accordance with Section 180(1)(c) of the Companies Act, 2013.

Shares of Salasar Techno Engineering Limited was last trading in BSE at Rs. 236.75 as compared to the previous close of Rs. 240.85. The total number of shares traded during the day was 3484 in over 269 trades.

The stock hit an intraday high of Rs. 245.50 and intraday low of 226.00. The net turnover during the day was Rs. 825061.00.

Source : Equity Bulls


SalasarTechnoEngineering INE170V01019 FundRaising INR200Crores