Sansera Engineering informed that its board has approved raising of funds of upto Rs 1,200 crore in one or more tranches through qualified institutions placements (QIP), or any other method.
The company may issue equity shares and / or any other instruments or eligible securities representing either equity shares and / or convertible securities linked to equity shares or through any other permissible mode or/a combination thereof, by way of further public issue, debt issue, preferential allotment, private placement, (QIP), or any other method, subject to the approval of the shareholders.Further, the board of directors approved additional investment of Rs 20 crore in MMRFIC Technology Private in one or more tranches by way of CCPS.
Lastly, the companys board has approved increase in authorised share capital of the company from existing Rs 23 crore divided into 6.25 equity shares of Rs 2 each, 3 lakh Series A compulsorily convertible preference shares (CCPS) of Rs 100 each and 7.50 lakh Series B CCPS of Rs 100 each to Rs 30.50 crore divided into 10 crore equity shares of Rs 2 each, 3 lakh Series A CCPS of Rs 100 each and 7.50 lakh Series B CCPS of Rs 100 each, subject to shareholders approval.
Sansera Engineering is primarily engaged in the machining of precision engine forged components for the automotive (2Ws and 4Ws) and non-automotive sectors (aerospace, agriculture). The company also manufactures connecting rods for medium and heavy commercial vehicles.
The company's consolidated net profit rose 10.9% to Rs 49.58 crore on a 12.7% increase in net sales to Rs 743.93 crore in Q1 FY25 over Q1 FY24.
The scrip rose 0.23% to close at Rs 1,494.60 on Tuesday, 20 August 2024.
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