Jash Engineers Ltd shares rose more than 2% on Wednesday after the company announced that it will raise around ₹41.58 crore from a group of investors and a promoter.
The Indore-based company in a stock exchange filing stated that its board in a meeting on January 16 approved proposals to issue convertible warrants as well as equity shares to promoter and 20 non-promoter entities to raise a total of ₹41.58 crore.
As per the proposal approved by the board, the company will issue 15,000 convertible warrants to one of the promoters, Pratik Patel, on a preferential basis at a price of ₹1,527.50 per warrant to raise around ₹2.29 crore.
The board also approved a similar issue of convertible warrants to a non-promoter investor at the same price to raise another ₹2.29 crore.
The company will issue 32,733 equity shares to Ramesh S Damani, according to the exchange filing.
The NSE-listed company also allotted 2,42,215 shares to non-promoters on a preferential basis at a price of ₹1,527.50 per share to raise around ₹36.99 crore.
An Extra Ordinary General Meeting of the shareholders of the company will be held through video conferencing on February 15, 2024, to seek their approval for the proposals, the company said.
Jash Engineers Ltd manufactures a wide range of equipment for water & sea water intake systems, water and wastewater pumping stations and treatment plants and others. It has five manufacturing plants and around 950 employees. More than 50% of its revenue comes from exports out of India.
The company in December 2023 bagged consolidated orders of worth ₹33 crore, of which orders worth ₹ 22 crore were for Indian market and ₹11 crore were for markets outside India.
It received contracts from Enviro Control - Pune, Toshiba Water Solutions - Gurugram and Michigan Engineers, Mumbai from India. Bennett Spring Fish Hatchery, MO, USA, and St. John County, USA, were among global clients.
As of January 1, 2024, the total consolidated order book of the company stood at ₹ 863 crore, of which orders worth ₹268 crore were for the Indian market and orders worth ₹595 crore came from markets abroad.
JASH Engineers Ltd shares were trading 2.76% higher at ₹1,718.95 apiece on NSE at 10.14 AM.
Check out our in-depth Market Coverage, Business News & get real-time Stock Market Updates on CNBC-TV18. Also, Watch our channels CNBC-TV18, CNBC Awaaz and CNBC Bajar Live on-the-go!
Mark Mobius reveals how markets will react if NDA wins 400+ Lok Sabha seats
May 15, 2024 8:09 PM
Wine shops and bars to remain shut for 4 days in Mumbai in 4 weeks, check details
May 15, 2024 7:52 PM
INDIA bloc will win majority seats in Bihar, says Tejashwi Yadav
May 15, 2024 4:20 PM