Do you own this engineering company that approved fundraising up to Rs 200 crore?

The board has also approved the enhancement of borrowing limits from Rs 500 crore to Rs 700 crore.

On Wednesday, the board of Salasar Techno Engineering Ltd approved raising up to Rs 200 crore via multiple fundraising options. These options can be the allotment of equity shares by way of a preferential allotment or through qualified institutional placements (QIPs), foreign currency convertible bonds (FCCBs), American depositary receipts (ADRs), global depository receipts (GDRs), or allotment of shares to the existing shareholders on a right basis, or in any combination thereof, in one or more tranches.  

Further, the board has also approved the enhancement of borrowing limits from Rs 500 crore to Rs 700 crore. The board decided to appoint various intermediaries, merchant bankers, advisors, legal counsel and constitute a board fundraising committee for the proposed fundraising programme.   

Established in 2006 as a tower manufacturer, Salasar Techno Engineering Ltd has emerged as a fast-growing steel structure manufacturer and EPC infrastructure company providing services across the telecom, energy & railway sector.  

Keep a close eye on this scrip for the upcoming sessions.