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According to the company, details of the rights issue, including the number of shares, price and record date, will be revealed later.
buy Sell Patel Engineering share
Infrastructure and construction services company Patel Engineering gained nearly 3 per cent in trade on Friday after the company announced that its board has approved a proposal to raise Rs 350 crore through a rights issue.
According to the company, details of the rights issue, including the number of shares, price and record date, will be revealed later.
A rights issue occurs when a company offers to sell additional shares to its existing shareholders in order to raise capital. Shares in a rights issue are usually sold at a discount to the current market price in order to make the offer attractive to existing shareholders.
During its September quarter results last month, the management highlighted that it is working towards reducing the company’s debt.
The company’s director and CFO Kavita Shirwaikar had said, “We continue to focus on debt reduction and have paid down all debt tranches for the quarter and we look forward to monetizing our non-core assets and generating sufficient cash in the future.” Will take all necessary steps to generate flow.” The company is moving to enable growth and reduce debt.
Patel Engineering reported a net profit of Rs 26.15 crore during the September quarter, as against Rs 6.84 crore in the same period last year. Year-on-year sales increased by 23 percent.
Shares of Patel Engineering are trading at Rs 21.30, up 1.2 per cent.
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