Power & Instrumentation (Gujarat) Limited Announces Major Fundraising and Acquisition Plans

Power & Instrumentation (Gujarat) Limited has approved a plan to raise Rs 71.48 crore through equity shares and warrants. Additionally, the company will increase its shareholding in Peaton Electrical Company Limited to 60%. The funds will support expansion and new opportunities.

On Tuesday, Power & Instrumentation (Gujarat) Limited (PIGL) announced a significant fundraising plan approved by its board, amounting to Rs 71.48 crore through the issuance of equity shares and warrants.

In addition, the company's board has approved increasing its shareholding in Peaton Electrical Company Limited (PECL) to 60% from the current 15.23%, according to a filing on the stock exchange.

The PIGL board outlined plans to issue up to 34,39,000 equity shares priced at Rs 83.75 each, totaling Rs 28.80 crore, to the non-promoter group on a preferential basis. Additionally, PIGL will issue 50,96,000 equity warrants at Rs 83.75 per warrant, totaling Rs 42.68 crore, to both promoter and non-promoter groups. Managing Director Padmaraj Padmnabhan Pillai stated that the funds would facilitate the company's expansion and exploration of new business opportunities. The PECL acquisition is expected to enhance PIGL's business portfolio and operational capabilities.

(With inputs from agencies.)