PG Electroplast’s board has approved raising up to ₹1,500 crore through Qualified Institutional Placement (QIP) in a meeting on October 19. The board also approved the draft notice for an Extraordinary General Meeting (EGM) to seek shareholder approval for the QIP issuance through a special resolution.
The proposed QIP of ₹1,500 crores is in compliance with the regulations of SEBI and the Companies Act and is subject to necessary approvals. This follows a plan in August-.
In its update, PG Electroplast said net profit for Q1FY25 rose 147% to ₹83.7 crore, while revenue was up 95% YoY to ₹1,320.7 crore. Shares of the firm rose nearly 4% to ₹616.80 on October 18, and are up 158% year to date.
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Source: Moneycontrol
News Desk
