Board okays Rs 16.2 cr preferential issue to Mauritius FPI at Rs 360
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Board approved issue of up to 4,50,000 equity shares to North Star Opportunities Fund VCC (Mauritius-based FPI) at Rs 360 per share for up to Rs 16.20 crore via preferential route. Issue price includes Rs 350 premium, above the Rs 356.04 floor price. Board also allotted 3,938 shares under ESOPs, proposed raising authorized capital from Rs 20 crore to Rs 50 crore, and increasing borrowing limit from Rs 300 crore to Rs 450 crore. Shareholder approval sought via postal ballot.
Preferential issue may dilute existing shareholders by about 1%. Higher borrowing limit and capital raise signal expansion plans. FPI investment adds institutional interest.