Mumbai : Patel Engineering Limited (NSE – PATELENG & BSE – 531120), Patel Engineering Limited engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures and other kinds of heavy civil engineering works in India offers right issue of 25,78,72,409 equity shares of ₹ 1 each in the ratio of 2:1 at a price of ₹12.60 per equity share.
Assuming full subscription, the Company will garner ₹3,249.19 mn through Right Issue.
The issue opens on February 14th 2023 and closes on February 27th, 2023. BOB Capital Markets Limited and IDBI Capital Markets & Securities Limited are lead managers of the Right Issue. Registrar to the Right Issue is Link Intime India Private Limited.
Speaking on the occasion, Mr. Rupen Pravinbhai Patel, Chairman & Managing Director of Patel Engineering Limited said, “The fund raising through right issue will help us in reaching our target of debt reduction and also help in fund working capital requirements of the Company and shall boost the operations of the working.”