WardWizard Innovations plans to raise up to Rs 1,230 cr

The proposal will be taken up further subject to shareholders' nod and receipt of other applicable governmental and regulatory approvals.

PTIUpdated: Tuesday, December 06, 2022, 02:46 PM IST
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WardWizard Innovations plans to raise up to Rs 1,230 cr | Photo credit: ANI

Electric two-wheeler maker WardWizard Innovations and Mobility on Tuesday said its board has approved a proposal to raise up to USD 150 million (about Rs 1,230 crore) through issuance of instruments or securities.

The proposal was approved at the company's board meeting on December 6, 2022.

How will the money be raised?

It approved raising the amount or its rupee equivalent via issuance of instruments or securities, including fully or partly convertible debentures, qualified institutional placement (QIP), American Depository Receipts (ADRs), global depository receipts (GDRs) or any combination in one or more tranches, WardWizard said in a regulatory filing.

The proposal will be taken up further subject to shareholders' nod and receipt of other applicable governmental and regulatory approvals, it added.

Committee for fund raising

A fund raising committee comprising the company managing director and two independent directors has been formed for the purpose, it said adding the CFO would attend meetings of the committee as an invitee.

The board also approved the appointment of Avishek Kumar as a non-executive independent additional director for a period of five years with effect from December 6, 2022 subject to necessary approvals.

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