Salasar Techno Engineering to Use Several Methods to Raise Up to Rs 200 Crore



On Wednesday, Salasar Techno Engineering, an engineering company, said that its board had approved raising Rs 200 crore through the issuing and distribution of equity shares. The company stated in a regulatory statement on the day that the money will be raised in one or more tranches. According to the statement, the money will be raised in a variety of ways, including qualified institutional placement (QIP). It was also decided that the business would use several middlemen, merchant bankers, advisers, lawyers, etc. to raise the money.


The board has approved the raising of funds through the issuance and allotment of equity shares for up to an aggregate amount of up to Rs. 200 crores (Rupees Two Hundred Crore), through a preferential allotment, and/or through QIP, FCCB, ADRs, GDRs issues, or to the existing shareholders on a right basis, or in any combination thereof, in one or more tranches, on such terms as may be determined by the board or it's duly empowered


Additionally, the business has made the following decisions: "appoint a variety of intermediaries, merchant bankers, consultants, legal counsel, etc.; and establish a Board's Fund-Raising committee for the projected fund-raising program, "It said.


Salasar Techno Engineering, situated in New Delhi, provides telecom companies with engineering, designing, procurement, fabrication, and galvanization services. The business offers infrastructure solutions and customized steel fabrication in India.


A capital clause in the company's memorandum of association will be changed as a result of the increase in authorized capital from the current amount of Rs. 31,50,00,000/- (Rupees Thirty-One Crore Fifty Lakh only) to Rs. 35,00,00,000 (Rupees Thirty-Five Crore Only) "According to the company's filing.

The board also approved a proposal to raise the borrowing cap from Rs. 500 crores to Rs. 700 crores, according to the statement. Improvement of borrowing limits under Section 180(1)(c) of the Companies Act, 2013, from Rs. 500 crores (Rupees Five Hundred Crore Only) to Rs. 700 crores (Rupees Seven Hundred Crore Only).


In its filing, Salasar Techno Engineering also stated that its board had given the go-ahead to "seek the necessary member's approval for abovesaid items, wherever necessary, by way of passing resolutions through postal ballot, and appointed of M/s. Deepika Madhwal & Associates, Practicing Company Secretary as a Scrutinizer to conduct Postal Ballot and E-voting fairly and transparently, the process being initiated separately."


Despite a 0.4% increase in net sales to Rs 212.28 crore in Q4 FY22 over Q4 FY21, Salasar Techno Engineering reported a 25.7% fall in net profit to Rs 7.2 crore on a consolidated basis. On the BSE, the company's shares were down 1.22% at Rs 237.90.


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