Pitti Engineering gets nod to raise Rs 360 crore

Pitti Engineering Ltd. | Engineering | Capital Goods & Industrial Consumables | BSE: 513519 | NSE: PITTIENG

16 May 2024 Evaluate

Pitti Engineering has received approval for raising of funds by way of issuance of any instrument or security for cash or otherwise including equity shares or any other eligible securities inter-alia fully convertible debentures, partly convertible debentures, non-convertible debentures with or without warrants and/ or convertible preference shares or any security convertible into equity shares (collectively Securities), in one or more tranches by way of a preferential allotment, private placement, including one or more qualified institutions placement (QIP) in accordance with the applicable provisions of the Companies Act 2013 and the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 or through any other permissible mode and/or combination thereof, in such manner, and on such terms and conditions as may be considered appropriate by the Board in its absolute discretion under applicable law, for an aggregate amount not exceeding Rs 360 crore or an equivalent amount thereof subject to such regulatory/statutory approvals as may be required and the approval of Members of the Company. The Board of Directors of the company at its meeting held on May 15, 2024 has inter-alia approved the same.

Pitti Engineering is India's largest and most reputed manufacturer of Electrical Steel Laminations, Motor Cores, Sub-Assemblies, Die-Cast Rotors and Press Tools.