Patel Engg emerges as L-1 bidder for new orders

Patel Engineering announced that it has been declared as lowest bidder (L-1) for new orders aggregating Rs 1567.62 crore.

The company's share is worth Rs 1,009.05 crore.

The projects include Rihand Micro Irrigation Project in Madhya Pradesh and Krishna Marathwada Irrigation Project in Maharashtra - lift irrigation scheme 01 and 02.

All the projects are to be completed within the period of 36 months. The projects will be executed in joint ventures.

Meanwhile the company's board has approved right issue upto 25,78,72,409 fully paid-up equity shares at Rs 12.60 each. Assuming full subscription, the company will garner Rs 324.91 crore through right issue.

The issue will open on Tuesday, 14 February 2023, and it will close on Monday, 27 February 2023.

The rights entitlement ratio is set at 1:2 (one rights equity share for every two fully paid-up equity shares).

Post rights issue, the company's outstanding equity shares will increase to Rs 77.36 crore from Rs 51.57 crore, currently.

Patel Engineering is engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in India.

The company's consolidated net profit rose 13.5 % to Rs 31.19 crore on 18.1% jump in net sales to Rs 1,036.98 crore in Q3 FY23 over Q3 FY22.

The scrip declined 1.74% to Rs 14.10 on the BSE.

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