Board approves QIP to raise up to Rs. 160 Crores
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Dhruva Capital Services' Board has approved raising up to Rs. 160 Crores through a Qualified Institutional Placement (QIP) of equity shares, in one or more tranches. Shareholders had already cleared this at an Extraordinary General Meeting on October 10. The issue price is not yet fixed and will be decided later under SEBI rules. QIP allows the company to issue shares directly to institutional investors without a public offer.
Potential dilution for existing shareholders as new equity shares will be issued to institutions. Pricing and timing details are awaited.