PG Electroplast board approves Rs 1,500 crore QIP
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The board of PG Electroplast in its Saturday’s meeting approved a fundraise of Rs 1,500 crore by way of qualified institutional placement (QIP) through an issue of equity shares or other convertible securities. “The Company at their meeting held today i.e., Saturday, October 19, 2024 at 10:00 AM concluded at 11:05 AM have inter-alia, considered and approved the following businesses: 1. Issuance of equity shares or other convertible securities by way of Qualified Institutions Placement, for an aggregate consideration not exceeding Rs. 1500 Crores (Rupees Fifteen Hundred Crores only),” said the company in a filing to the stock exchanges. The company has further informed that the board also approved the draft notice for an extra-ordinary general meeting (EGM) to seek shareholders’ approval for issuing the securities through a special resolution. The shares of PG Electroplast have given multibagger returns this year. The stock has gained 225....