Power and Instrumentation (Gujarat) Ltd. has successfully allotted 34.39 lakh equity shares at a price of ₹83.75 per share, including a premium, raising a total of ₹28.80 crore. These shares have been allotted to non-promoter public investors on a preferential basis.
In addition to this, the company has issued 50.96 lakh convertible warrants at the same price of ₹83.75 per warrant. The warrants, which come with a 25% upfront payment, amount to a total of ₹42.67 crore. The total capital raised through this preferential issue is over ₹71 crore.
Following the allotment, the paid-up equity share capital of the company has increased to ₹16.07 crore, comprising 1.60 crore shares. The warrants issued can be converted into equity shares in the future, which may further increase the share capital.
This development comes as part of the company’s efforts to strengthen its financial position through strategic investments and allotments.
