Salasar Techno Engineering NSE 8.03 percent said on Wednesday that its board has authorised funding up to Rs 200 crore through a variety of channels, including qualified institutional placement. The announcement was made in New Delhi (QIP). In a file with the regulatory agency, it was stated that the fund will be raised in one or more stages.
“The board…has approved raising funds by issuance and allotment of equity shares for up to an aggregate amount of Rs 200 crore by way of preferential allotment and/or through QIP, FCCB, ADRs, GDRs issues, or to the existing shareholders on right basis, or in any combination thereof,” the document stated. “The board…has approved raising funds by issuing and allotting equity shares for up to an aggregate amount of Rs 200 crore by way of preferential allotment
According to the statement, the board of directors also gave its approval to a request to establish a fundraising committee.
In addition, the board of directors came to the conclusion that different middlemen, merchant bankers, consultants, legal counsel, and so on should be appointed.
According to the information provided, the board also approved a proposal to increase the maximum amount that may be borrowed from Rs. 500 crore to Rs. 700 crore.
Salasar Techno Engineering, situated in New Delhi, provides services to participants in the telecommunications industry including engineering, designing, procurement, fabrication, and galvanization.