In a regulatory filing, the company said the preferential issue will be made with other investors including Risi Infinity Pvt Ltd, a promoter group company, Florintree Innovations LLP and Fortune Financial & Equities Services Pvt Ltd.
The company said the proceeds from the preferential issue will be used for expansion of business operations including investment in subsidiaries and joint ventures and for meeting long-term working capital requirements as well as general corporate purposes.
“The preferential issue will increase the company’s net worth from Rs 9,000 crore to over Rs 12,000 crore,” the company said, adding that it has almost zero debt.
“The increased capital will support the company’s participation in high-growth sectors,” the company added.
A postal ballot notice will be sent to shareholders seeking approval for these initiatives.
Shares of the company were little changed at ₹282.80 on Thursday
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