Issue opens on 14 February 2023
Patel Engineering announced its offer of rights issue of 5,78,72,409 equity shares of Rs 1 each in the ratio of 2:1 at a price of Rs 12.60 per equity share. Assuming full subscription, the company will garner Rs 324.91 crore through the rights issue.The issue opens on 14 February 2023 and closes on 27 February 2023.
Rupen Pravinbhai Patel, Chairman & Managing Director of Patel Engineering said, The fund raising through right issue will help us in reaching our target of debt reduction and also help in fund working capital requirements of the Company and shall boost the operations of the working.
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