Mumbai, June 3 -- The proposal includes the issuance of 12,19,512 convertible warrants to Man Finance at Rs 328 each, aggregating approximately Rs 39.99 crore. Additionally, 79,26,822 equity shares will be allotted to non-promoters at the same price, totaling around Rs 259.99 crore.

The funds are intended to support ongoing capital expenditure for expansion projects in Jammu and Saudi Arabia, enhance working capital, and strengthen the balance sheet. An Extraordinary General Meeting (EGM) is scheduled for 25 June 2025, to seek shareholder approval.

Nikhil Mansukhani, Managing Director, stated, "The proposed capital raise marks a significant step toward reinforcing our growth strategy. It will enable us to enhance execution capabilities,...