Upper Circuit Stock: GG Engineering Appoints Anshu Jain As CEO & Approves Rs 99 Cr Fundraising Plan

Following the Board's approval of raising up to Rs 99 crore through the preferential conversion of convertible warrants, GG Engineering opened on Friday at a 2% upper circuit limit of Rs 1.24. Additionally, Anshu Jain has been appointed as the company's full-time director and CEO for a five-year term beginning on September 2, 2023, and ending on September 1, 2028.

The Board of Directors has approved up to 75 Cr fully convertible warrants carrying a right exercisable by the warrant holder to subscribe to one equity share of face value of Re 1/- each per Warrant, to the persons belonging to "Promoter and Non-Promoter, Public Category", at an issue price of Rs. 1.32/- for an aggregate amount of up to Rs. 99 Cr, as per a stock exchange filing.

The Board has also "accorded for the appointment of Mr. Anshu Jain (DIN: 07671363), as Chief Executive Officer Cum Whole Time Director of the Company for a term of 5 (Five) consecutive years effective from September 2, 2023 ending on September 1, 2028 (both days inclusive)," said GG Engineering in a regulatory filing.

As of September 2, 2023, Virender Sharma will serve as the company's Chief Financial Officer (CFO).

The shares of GG Engineering made a 52-week-high of Rs 3.16 on (13/09/2022) and a 52-week-low of Rs 0.74 on (31/03/2023). During Q1FY24, the company recorded promoters shareholding of 1.93% and public stake of 98.07%.