Mumbai: PTC Industries has approved a proposal to raise up to ₹1,800 crore to support its future growth plans. The company may raise the money through a Qualified Institutional Placement (QIP), a preferential issue, or by issuing convertible warrants. The fundraising may happen in one or more phases after receiving all necessary approvals.
Final details to be decided later
The company said this approval is only an enabling step. The final size, pricing, timing, purpose of the issue, and use of the funds will be decided later by the Board and the Audit Committee before the issue is launched. Shareholder and regulatory approvals will also be required before the fundraising moves ahead.
Board clears higher investment and guarantee limits
The Board has also approved a proposal to increase the company's limit for giving loans, guarantees, securities and investments up to Rs 2,000 crore. This limit will also depend on the conditions provided under Section 186 of the Companies Act, 2013 and will require shareholder approval through a special resolution.
Borrowing limit proposed to increase
PTC Industries has proposed raising its borrowing limit from Rs 350 crore to Rs 600 crore. At the same time, the Board approved increasing the limit for creating charges on company assets to secure these borrowings from Rs 350 crore to Rs 600 crore. Both proposals are subject to shareholder approval.
Company to hold EGM
The Board has decided to hold an Extraordinary General Meeting (EGM) through video conferencing to seek shareholder approval for all these proposals. The company will announce the meeting date, record date and e-voting details separately.
