Multibagger Co’s Board Approves Fundraising Worth Rs 350 Crore and AGM Notice

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Multibagger Co’s Board Approves Fundraising Worth Rs 350 Crore and AGM Notice
Credit: © Reuters.

By Malvika Gurung

Investing.com -- The leading infrastructure construction firm Power Mech (NS: POMP ) Projects’ Board has approved to raise funds worth Rs 350 crore by issuing any instrument or security for cash.

In a Board meeting held on Friday, the Board of Directors of Power Mech Projects gave its nod for raising funds not exceeding Rs 350 crore by issuing any instrument or security for cash, with or without the green shoe option.

This includes not just equity shares but also fully or partly convertible debentures, and any other equity-based instruments or securities, convertible preference shares, Global Depository Receipts, American Depository Receipts, Foreign Currency Convertible Bonds, and/or any other financial instruments securities.

The proposed security will be issued through one or more public issues, preferential issues or private placements, including one or more tranches through Qualified Institutions Placements (QIP), subject to necessary approvals, including the ones to be received from the company’s members, along with other regulatory and statutory approvals.

Shares of the small-cap company have shot up by a whopping 99.4% so far in the calendar year 2023, and skyrocketed 210.4% over the past one-year period, making Power Mech Projects a multibagger stock.

The company’s Board also approved the notice for its 24th Annual General Meeting, scheduled for Thursday, September 28, 2023. The Book closure dates have been fixed from September 22 to September 28, 2023, including both the dates.

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  • KvjrKrao Efiap Arps Ffip @KvjrKrao Efiap Arps Ffip
    will this news drive share price above 4200 and beyond in coming days?
    Like 0
  • Prasenjeet Dutta @Prasenjeet Dutta
    Any Hardcore News About Vodafone Idea?
    Like 0

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