Intimation regarding receipt of In-Principal Approval for Preferential Issue of Equity Shares on Share Swap Basis.
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GTV Engineering has received BSE's in-principle approval to issue 39,42,046 equity shares (face value ₹2 each) at ₹59.65 per share to the promoter/promoter group. This is a share-swap transaction where the company will acquire equity shares of Chirchind Hydro Power Private Limited (CHPPL) in exchange for these shares. Upon completion, CHPPL will become a subsidiary of GTV Engineering, supporting the company's strategic objective of entering the small hydro power business segment.
Positive for the company as it expands into hydro power generation by acquiring a subsidiary. For shareholders, this adds a new business vertical but comes with dilution of approximately 3.94 million shares issued to promoters.