Board of Patel Engineering approves preferential issue of shares and fund raising up Rs 500 cr

At meeting held on 28 July 2022

The Board of Patel Engineering at its meeting held on 28 July 2022 has approved issuance of up to 1,57,72,870 equity shares of the Company of face value Re. 1 each at a price of Rs. 25.36 per equity share on preferential basis for cash consideration of upto Rs. 40 crore, subject to approval of the shareholders and such other regulatory or statutory approvals as may be required.

The Board also approved an enabling resolution for raising of funds through issue of equity shares or other securities including through rights issue or qualified institutional placement or any other permissible mode or a combination thereof upto an amount of Rs. 500 crore, subject to approval of Shareholders/ Regulatory and/or Statutory Authorities as applicable.

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