Engineering firm Salasar Techno Engineering on Wednesday said its board has approved raising funds up to Rs 200 crore by issue of equity shares and allotment thereof. The company said in a regulatory filing that day that the funding would be raised in one or more phases. Funds will be raised through various channels including Qualified Institutional Placement (QIP), it said. It was also decided that the company would engage various intermediaries, merchant bankers, consultants, legal advisors etc. to raise funds.
“The Board has approved raising funds by issue and allotment of equity shares up to an aggregate amount of up to Rs.200 crore (Rupees Two Hundred Crore), through a preferential allotment and/or QIP, FCCB, ADR issues GDRs, or to existing shareholders, on fair basis, or in any combination thereof, in one or more installments, on such terms as may be applicable from time to time by the Board or its duly empowered committee. as may be decided in accordance with law. , including guidelines etc.
The company has also decided to “appoint various intermediaries, merchant bankers, advisors, legal advisors, etc., and constitute a fund-raising committee of the Board for the proposed fund raising programme,” it said.
Salasar Techno Engineering based in New Delhi is engaged in engineering, designing, procurement, fabrication and galvanization for telecom companies. The company provides services like customized steel fabrication and infrastructure solutions in India.
The board has also approved “increase in the authorized capital of the company from the 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 consequential changes in the capital clause of the Memorandum of Association of the company,” the company said in the filing.
“The proposal to increase the borrowing limit from Rs 500 crore to Rs 700 crore was also put forward by the board, it said. Increase in borrowing limit from Rs. 500 crore (Rupees five hundred crore only) to Rs. 700 crore (Rupees seven hundred crore only) under section 180(1)(c) of the Companies Act, 2013
Salasar Techno Engineering in its filing also stated that its Board “approved to seek approval of requisite members for the above items by passing the resolutions through postal ballot, and through appointment of M/s. ” Dipika Madhawal & Associates, practicing as a Scrutinizer with an aim to conduct Postal Ballot and E-Voting in a fair and transparent manner, the process is being launched separately.
On a consolidated basis, Salasar Techno Engineering Company reported a decline of 25.7 per cent in net profit to Rs 212.28 crore in Q4 FY22 despite a 0.4% increase in net sales to Rs 7.2 crore. Shares of Comani closed at Rs 237.90, down 1.22 per cent on the BSE.
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