Precision Wires ends lower after board approves fund raising through preferential issue
In CNBC-TV18's dealing room chatter on January 3, we had spoken about Precision Wires and that the company is planning to raise funds through a preferential issue through a family office.
Precision Wires India Ltd. ended lower on Friday after the company's board approved the issuance of equity shares by way of preferential allotment to two investors.Jan 09, 2023 IST2 Min(s) ReadJan 06, 2023 IST4 Min(s) ReadJan 06, 2023 IST4 Min(s) ReadJan 06, 2023 IST3 Min(s) ReadThe company will issue a total of 52,03,630 equity shares to Four Dimension Securities (India) Ltd. and Singularity Holdings Ltd.
aggregating to 3 percent of its existing paid-up capital.Four Dimension Securities and Singularity Holdings will be issued 26,01,815 equity shares, or 1.5 percent of capital, each by way of preferential allotment, the company said.The shares will be issued at Rs 73.29 apiece, including a premium of Rs 72.29 per unit, subject to the approval of regulatory authorities.The company's board will hold an Extraordinary General Meeting on January 30 to seek the approval of its members for the issuance of equity shares through preferential allotment.Further, the company's non-executive independent director, Ashwin Kothari has tendered his resignation from the board, due to his age and prior commitments and the Board has accepted his resignation, stated the filing.In CNBC-TV18's dealing room chatter on January 3, we had spoken about Precision Wires and that the company is planning to raise funds through a preferential issue through a family office.