Shares of Salasar Techno Engineering Ltd surged to a new 52-week high, hitting the upper circuit of 10% during Thursday's trading session. The uptick followed the company's announcement of fundraising plans via preferential allotment of equity shares and warrants, disclosed through an exchange filing.
The company's board met on January 25, 2024, approving fundraising plans totaling Rs 806.4 crore. Salasar Techno Engineering will allot equity shares to non-promoter investors and issue warrants to both promoters and non-promoter investors.
The planned issuance includes up to 3.9 crore equity shares at Rs 72 each, aggregating up to Rs 280.8 crore for non-promoter investors. Additionally, up to 7.3 crore fully convertible warrants, priced at Rs 72 apiece, will be issued to promoters and non-promoter investors, totaling up to Rs 525.6 crore.
Following the announcement, Salasar Techno Engineering's shares surged 10%, reaching the upper circuit limit and setting a new 52-week high at Rs 120.93. The company's market capitalization stood at nearly Rs 4,000 crore.
The proposed allottees, including North Star Opportunities Fund, Intuitive Alpha Investment Fund, Virat Services LLP, NAV Capital Emerging Star Fund, Tano Investment Opportunities Fund, Mariko Consultants, and XCAP Investments, are set to receive preferential shares.
For non-promoter category, proposed allottees like Coeus Global Opportunities Fund, Vespara Fund, and Elara India Opportunities Fund are included. Warrants issued will be converted into equity shares within 18 months from the date of allotment.
In response to these developments, the company will hold an extraordinary general meeting (EGM) on February 19, 2024, seeking members' approval for the proposed changes to authorized share capital and memorandum of association (MoA). The record date for the bonus issue, entitling 4 fully paid-up bonus shares for each equity share and warrant, has been set for February 1.
