Patel Engineering to raise up to Rs 350 crore via rights issue

Patel Engineering on Friday said its board has approved raising funds worth up to Rs 350 crore through a rights issue.

The go-ahead was given during a meeting of the company's board held on Friday.

''The board of directors of the company....approved the raising of funds, through issuance and allotment of equity shares having face value of Re 1 each up to an aggregate amount of Rs 350 crore on rights basis,'' Patel Engineering said in a regulatory filing.

The fund raising is subject to various regulatory and statutory approvals.

Patel Engineering is an infrastructure and construction services company.