Techno Electric & Engineering announced that its board the opening of issue of qualified institutional placement (QIP) of equity shares with the floor price of Rs 1,506.58 per share.
The company's board authorized and declared the opening of the issue on Tuesday, 16 July 2024.The floor price of Rs 461.26 is at a premium of 0.40% to the previous day's closing price of Rs 459.40 on the BSE.
The firm may offer a discount of not more than 5% on the floor price so calculated for the issue.
Techno Electric & Engineering Company is a recognized company in the power sector. It provides engineering, procurement and construction services to the three segments of power sector including generation, transmission and distribution. The company is also engaged in generation of wind power through wind turbine generators in the states of Tamil Nadu & Karnataka.
The company reported a 27.53% rise in consolidated net profit to Rs 77.53 crore on 40.46% jump in revenue from operations to Rs 439.62 crore in Q4 FY24 over Q4 FY23.
The scrip rose 0.42% to currently trade at Rs 1,510.05 on the BSE.
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