Salasar Techno Engineering Approves Rs 806 Cr Fund Raising Plan

New Delhi, Jan 25 (PTI) Salasar Techno Engineering Ltd (STEL) on Thursday said its board has approved a proposal to raise Rs 806.4 crore through the issuance of equity shares and warrants.

However, the proposal remains subject to shareholders' approval at the company's extraordinary general meeting (EGM) scheduled for February 19, Salasar Techno Engineering said in an exchange filing.

"The board approved fundraising of Rs 8064 million...by way of creating, issuing and allotting up to 3.97 crore equity shares having face value of Re 1...By way of creating, issuing and allotting up to 7.30 crore fully convertible warrants into an equivalent number of fully paid up equity shares, having face value of Re 1...," the filing said.

The company intends to use the proceeds to accelerate business growth and augment long-term financial resources, it added.

The proposed allottees of equity shares and warrants proposed to be issued on a preferential basis to the persons belonging to the promoter and non-promoter, public category.

STEL is a steel structure manufacturer and EPC infrastructure company, providing services across telecom, energy, and railways.