Salasar Techno Engineering on Wednesday said its board has approved raising up to Rs 200 crore through various modes, including qualified institutional placement (QIP). The fund will be raised in one or more tranches, it said in a regulatory filing.
”The board…has approved raising of funds by issuance and allotment of equity shares for up to an aggregate amount of Rs 200 crore by way of preferential allotment and/or through QIP, FCCB, ADRs, GDRs issues, or to the existing shareholders on right basis, or in any combination thereof,” it said. In this regard, the board also approved a proposal to constitute a fundraising committee, it said.
Besides, the board decided to appoint various intermediaries, merchant bankers, advisors, legal counsel etc. A proposal for enhancement of borrowing limit to Rs 700 crore from Rs 500 crore was also given a go-ahead by the board, it said.New Delhi-based Salasar Techno Engineering carries out engineering, designing, procurement, fabrication and galvanisation work for telecom players.