PIGL Approves Rs 71 Crore Fund Raising Plan

New Delhi, Aug 6 (PTI) Power & Instrumentation (Gujarat) Limited (PIGL) on Tuesday announced its board has approved a fundraising plan of Rs 71.48 crore through the issuance of equity shares and warrants.

Besides, its board of directors have also approved a proposal to increase shareholding in Peaton Electrical Company Limited (PECL) up to 60 per cent from 15.23 per cent at present, the power solutions provider said in an exchange filing.

The board has decided to issue up to 34,39,000 equity shares of Rs 10 each at an issue price of Rs 83.75 per share amounting to Rs 28.80 crore to the non-promoter group on a preferential basis, the filing said.

Further, the company will issue 50,96,000 equity warrants at Rs 83.75 per warrant amounting to Rs 42.68 crore to both promoter and non-promoter groups on a preferential basis, it said.

PIGL Managing Director Padmaraj Padmnabhan Pillai said, "The substantial fund raise of Rs 71.48 crore will be essential to fund our expansion and exploring new opportunities. PECL acquisition will enhance our business portfolio, market presence, and operational capabilities.