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Auto component maker Rane (Madras) to raise Rs 50 crore from promoters

The company informed bourses that its board had approved its fundraising plan, "including by way of issuance of equity shares and/or convertible securities to the promoter/promoter group

Automobile dealers look for strategies to revive sales, arrest job losses

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The company’s total net revenue for the quarter was Rs 331.2 crore, compared with Rs 400.8 crore in the year-ago period — a decline of 17.3 per cent.

T E Narasimhan Chennai

2 min read Last Updated : Oct 21 2019 | 5:02 PM IST

Auto component maker Rane (Madras) Limited has received its board's approval to raise Rs 50 crore from promoters.

The company informed stock exchanges on Monday that the board had approved its fundraising plan, “including by way of issuance of equity shares and/or convertible securities to the promoter/promoter group up to Rs 50 crore on a preferential basis”.

Rane (Madras), a manufacturer of steering and suspension products and die casting components, reported a negative profit before tax (PBT) of Rs 10.8 crore in the July-September quarter of 2019-20, compared to a profit of Rs 13.1 crore in the same quarter last year.

The company’s

Topics : Rane Group

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