Patel Engineering gains after board okays Rs 350 crore rights issue | Jobs Vox


Patel Engineering rose 2.37% to Rs 21.60 after the company announced that its board has approved raising funds up to Rs 350 crore through rights issue of equity shares.

In a regulatory filing made during market hours today, the company said the board of directors approved raising funds by way of issue and allotment of equity shares of face value of Re 1 each up to an aggregate amount of Rs 350 crore Is. Based on the rights of the eligible equity shareholders of the company, as on the record date.

Patel Engineering has a strong presence in tunneling and underground works for hydroelectric and dam projects. The company has a consistent track record in execution of projects in the domestic and international arena. PEL has completed over 85 dams, 40 hydro projects and over 300 km of tunneling for clients, who are mostly central PSUs or state government organisations.

The company’s consolidated net profit increased by 282.31% to Rs 26.15 crore for the quarter ended September 2022, as against Rs 6.84 crore during the previous quarter ended September 2021. Sales in Q2 FY2023 grew by 23.27 per cent to Rs 893.05 crore as compared to Q2 FY2022.

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(This story has not been edited by Business Standard staff and was auto-generated from a syndicated feed.)

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