Patel Engg to raise Rs 96cr from Citi Venture

The board of directors of Patel Engineering, which met today, approved proposals to raise Rs 96 crore via preferential allotments to Citigroup Venture Capital International Growth Partnership Mauritius.

According to a release issued by Patel Engineering to the BSE today, the company will issue 43,20,427 fully convertible debentures (FCDs) with a face value Re 1 each convertible into equity shares of Re 1 each at a price of Rs 178 aggregating Rs 76.90 crore.

The company will also issue 10,80,107 convertible warrants of Re 1 convertible into equity shares of Re 1 each at Rs 178 per warrant aggregating Rs 19.22 crore.

The FCDs and warrants are convertible within 18 months of issue, the release added.

The stock closed at Rs 216 on the BSE today with a volume of over one lakh shares.