The board of the engineering company on Wednesday approved raising upto Rs 200 crore via multiple fundraising options and enhancing borrowing limits to Rs 700 crore. The company’s board approved raising upto Rs 200 crore through allotment of equity shares by way of a preferential allotment and/or through qualified institutional placements (QIPs), foreign currency convertible bond (FCCB), American Depositary Receipts (ADRs), global depository receipt (GDRs) issues, or allotment of shares to the existing shareholders on the right basis, or in any combination thereof, in one or more tranches.
The board decided to appoint various intermediaries, merchant bankers, advisors, a legal counsel etc, and constitute a board fund-raising committee for the proposed fundraising program. Further, the board also approved the enhancement of borrowing limits from Rs 500 crore to Rs 700 crore.
The company said the shareholders’ approval for the same will be taken by way of passing resolutions through a postal ballot. Salasar Techno Engineering Limited is also going to turn ex-split stock this week. The board of directors of the company has fixed 28th June 2022 as the record date for stock subdivision. The company board has already recommended a stock split in the 10:1 ratio after which its existing face value will change from Rs10 per equity share to Re 1 per equity share.
Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions in India. On a consolidated basis, the company reported a 0.4 per cent rise in net sales to Rs 212.28 crore in Q4 FY22 over Q4 FY21.