Sealmatic India Boosts Global Expansion with Equity Share Approval

Sealmatic India Ltd. has received in-principle approval from the Bombay Stock Exchange for a preferential allotment of 393,000 equity shares at Rs 637.10 each. This investment will aid the company in expanding its presence in strategic regions and industries, focusing on mechanical seals for critical applications.

Sealmatic India Ltd., a company listed on the Bombay Stock Exchange, has announced the receipt of 'In-Principle Approval' for the issuance of 393,000 equity shares priced at Rs 637.10 each. This preferential allotment targets Non-Promoters and adheres to regulation 28(1) of SEBI's Listing Obligations & Disclosure Requirements, 2015.

The planned investment aims to bolster Sealmatic's strategic objectives, including establishing strategic business units in regions such as the Middle East, Europe, and the USA. The funds will also support investments in high-growth API markets primarily in India and the Middle East, focusing on developing advanced mechanical seals for defense and nuclear applications.

According to Managing Director Umar AK Balwa, the capital raised will enhance Sealmatic's market and service capabilities in key regions, poised for significant growth driven by new technologies in mechanical seals. The company seeks to solidify its global presence by offering expanded services to industries like oil & gas, petrochemical, defense, and nuclear.

(With inputs from agencies.)