Engineering firm Salasar Techno Engineering on Wednesday said that its board has given nod to raise funds up to Rs 200 crore by issuance and allotment of equity shares. The funds will be raised in one or more tranches, the company said in a regulatory filing on the day. The funds will be raised via various modes, including qualified institutional placement (QIP), it added. It was also decided that the company will appoint various intermediaries, merchant bankers, advisors, legal counsel etc to raise the funds.
”The board…has approved raising of funds by issuance and allotment of equity shares for up to an aggregate amount of up to Rs. 200 Crores (Rupees Two Hundred Crore), by way of a preferential allotment and/or through QIP, FCCB, ADRs. GDRs issues, or to the existing shareholders on right basis, or in any combination thereof, in one or more tranches, on such terms as may be decided by the Board or its duly empowered Committee, from time to time, in accordance with applicable law, including Companies Act, 2013 and the rules made thereunder and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, and other applicable regulations, guidelines etc. as amended,” Salasar Techno Engineering said in its filing.
The company has also decided to “appoint various intermediaries, merchant bankers, advisors, legal counsel etc, and constituted a Board’s Fund-Raising committee for proposed fund raising program,” it said.
New Delhi-based Salasar Techno Engineering carries out engineering, designing, procurement, fabrication and galvanisation work for telecom players. The company provides services like customised steel fabrication and infrastructure solutions in India.
The board has also approved an “increase in Authorised Capital of the Company from existing Rs. 31,50,00,000/- (Rupees Thirty One Crore Fifty Lakh only) to Rs. 35,00,00,000 (Rupees Thirty Five Crore Only) and consequent alteration in Capital Clause of the Memorandum of Association of the Company,” the company said in the filing.
“A proposal for enhancement of borrowing limit to Rs 700 crore from Rs 500 crore was also given a go-ahead by the board, it said. Enhancement of borrowing limits from Rs. 500 Crore (Rupees Five Hundred Crore Only) to Rs. 700 Crore (Rupees Seven Hundred Crore Only) in accordance with Section 180(1)(c) of the Companies Act, 2013,” it said.
Salasar Techno Engineering in its filing also said that its board gave an approval “to seek requisite members approval for abovesaid items, wherever necessary, by way of passing resolutions through Postal Ballot, and appointed of M/s. Deepika Madhwal & Associates, Practicing Company Secretary as a Scrutinizer for the purpose of conducting Postal Ballot and E voting in fair and transparent manner, process being initiated separately.”
On a consolidated basis, Salasar Techno Engineering company reported a 25.7 per cent 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 the comoany were down 1.22 per cent at Rs 237.90 on the BSE.