Salasar Techno Engg board approves fund raising worth Rs 200 cr

The board of the engineering company on Wednesday approved raising upto Rs 200 crore via multiple fund raising 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 right basis, or in any combination thereof, in one or more tranches.

The board decided to appoint various intermediaries, merchant bankers, advisors, legal counsel etc, and constitute a board's fund-raising committee for proposed fund raising program.

Further, the board also approved 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 postal ballot.

Salasar Techno Engineering is a provider of customized steel fabrication and infrastructure solutions in India.

On a consolidated basis, the company reported a 25.7% decline in net profit to Rs 7.2 crore despite of 0.4% rise in net sales to Rs 212.28 crore in Q4 FY22 over Q4 FY21.

Shares of Salasar Techno Engineering were down 1.22% at Rs 237.90 on the BSE.

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