Salasar Techno Shares Hits 52W-High On Announcement of Fundraising Plans

Shares of Salasar Techno Engineering Ltd surged 10 percent during the trading session on Thursday to hit new 52-week highs at Rs 120.93 after the company announced to raise funds via preferential allotment of warrants and equity shares.

The company board of Salasar Techno Engineering met on Thursday, January 25, 2024 to consider and approve fundraising plans, amounting to Rs 806.4 crore. STEL will allot equity shares to investors belonging to non-promoters, while warrants shall be issued to both promoters and non-promoter investors.

The company will be issuing and allotting up to 3.9 crore equity share having face value of Re 1 each, to the persons belonging to non-promoter or public category at an issue price of Rs 72 apiece payable in cash for aggregating amount of up to Rs 280.8 crore, said the exchange filing.

The company board also approved to issue and allot up to 7.3 crore fully convertible warrants convertible into equivalent number of fully paid up equity share of the company having face value of Re 1 each to the persons belonging to promoters and non-promoter category on a preferential basis at an issue price of Rs 72 apiece aggregating up to Rs 525.6 crore.

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 some of the proposed allottees for issue of preferential shares.

Incorporated in 2006, Salasar Techno Engineering is engaged in manufacturing of large & heavy steel structures, and providing customized steel structures and 360-degree EPC solutions to diverse range of industries including telecom, power, railways and more.