{"id":29452,"date":"2024-08-06T10:02:23","date_gmt":"2024-08-06T04:32:23","guid":{"rendered":"https:\/\/newstrackbhopal.com\/index.php\/2024\/08\/06\/power-instrumentation-gujarat-limited-announces-fundraise-of-rs-71-48-cr-through-preferential-equity-shares-warrants\/"},"modified":"2024-08-06T10:02:23","modified_gmt":"2024-08-06T04:32:23","slug":"power-instrumentation-gujarat-limited-announces-fundraise-of-rs-71-48-cr-through-preferential-equity-shares-warrants","status":"publish","type":"post","link":"https:\/\/newstrackbhopal.com\/index.php\/2024\/08\/06\/power-instrumentation-gujarat-limited-announces-fundraise-of-rs-71-48-cr-through-preferential-equity-shares-warrants\/","title":{"rendered":"Power &amp; Instrumentation (Gujarat) Limited Announces Fundraise Of Rs 71.48 Cr Through Preferential Equity Shares &amp; Warrants"},"content":{"rendered":"<div>\n<div>\n<p>Mumbai (Maharashtra) [India],\u00a0August\u00a06 :\u00a0Power &amp; Instrumentation (Gujarat) Limited\u00a0(NSE \u2013 PIGL,\u00a0BSE \u2013\u00a0543912),\u00a0one of the\u00a0leading players\u00a0in the electrical contracting and equipment industry,\u00a0has\u00a0announced the substantial fundraising of\u00a0\u20b9\u00a071.48 Cr through preferential equity shares &amp; warrants,\u00a0acquisition of a controlling stake in\u00a0peaton\u00a0electrical company limited.\u00a0These decisions were taken during the recent board meeting and are subject to necessary approvals.<\/p>\n<p><strong>Issue of Equity Shares:<\/strong> The board has decided to issue up to 34,39,000 Equity Shares of\u00a0\u20b9\u00a010 each at an issue price of\u00a0\u20b9\u00a083.75 per share, including a premium of\u00a0\u20b9\u00a073.75.\u00a0amounting to\u00a0\u20b9\u00a028.80\u00a0Cr.\u00a0The shares will be issued to the Non-Promoter Group on a preferential basis.<\/p>\n<p><strong>Issue of Equity Warrants:<\/strong>\u00a0The company\u00a0is\u00a0issuing\u00a050,96,000 Equity Warrants at\u00a0\u20b9\u00a083.75\u00a0per warrant,\u00a0amounting to\u00a0\u20b9\u00a042.68 Cr.\u00a0These warrants will be issued to both the Promoter Group and Non-Promoter Group on a preferential basis.\u00a0Among the 50,96,000 Equity warrants, 41,50,000 are issued to the promoter group, and the remaining 9,46,000 are issued to the non-promoter group.<\/p>\n<p>Acquisition of Controlling Stake in Peaton Electrical Company Limited (PECL):\u00a0The company\u00a0has decided to acquire a controlling stake in Peaton Electrical Company Limited, a manufacturer specializing in Electrical Panels, Compact Substations, and Bus Trunking Systems. This strategic acquisition aims to expand PIGL\u2019s footprint in the electricals market. Currently, PIGL holds a 15.23% stake in PECL and plans to increase its shareholding to up to 60%. The acquisition will be based on the valuation of PECL, with the consideration to be discharged in accordance with the share purchase agreement to be executed.<\/p>\n<p>These strategic decisions underline\u00a0PIGL\u2019s commitment to expanding its market presence and enhancing shareholder value. The company remains focused on leveraging new opportunities to drive growth and profitability.<\/p>\n<p>All the decisions and actions outlined are subject to necessary shareholder and regulatory\u00a0approvals.<\/p>\n<p>Commenting on the strategic decision, Mr. Padmaraj Padmnabhan Pillai, Managing Director, Power &amp; Instrumentation (Gujarat) Limited, said, \u201cThese strategic initiatives are essential for our growth and market position. The substantial fund raise of \u20b971.48 Cr will be essential to fund our expansion, exploring new opportunities, and strengthen our competitive edge. The funds will also facilitate our acquisition of a controlling stake in Peaton Electrical Company Limited, increasing our shareholding to up to 60%. This move will enhance our business portfolio, market presence, and operational capabilities by integrating PECL\u2019s expertise. We are committed to delivering value to our shareholders and stakeholders, and these steps align with our goal of sustainable growth and industry leadership. We are excited about the opportunities ahead and confident in our execution plans.\u201d<\/p>\n<p><em>If you have any objection to this press release content, kindly contact pr.error.rectification@gmail.com to notify us. We will respond and rectify the situation in the next 24 hours.<\/em><\/p>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Mumbai (Maharashtra) [India],\u00a0August\u00a06 :\u00a0Power &amp; Instrumentation (Gujarat) Limited\u00a0(NSE \u2013 PIGL,\u00a0BSE \u2013\u00a0543912),\u00a0one of the\u00a0leading players\u00a0in the electrical contracting and equipment industry,\u00a0has\u00a0announced the substantial fundraising of\u00a0\u20b9\u00a071.48 Cr through preferential equity shares &amp; warrants,\u00a0acquisition of a controlling stake in\u00a0peaton\u00a0electrical company limited.\u00a0These decisions were taken during the recent board meeting and are subject to necessary approvals. Issue of Equity [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":29453,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2],"tags":[627],"class_list":["post-29452","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-business"],"wpmagazine_modules_lite_featured_media_urls":{"thumbnail":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/08\/PI-PNN-Image.jpg",150,84,false],"cvmm-medium":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/08\/PI-PNN-Image.jpg",300,169,false],"cvmm-medium-plus":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/08\/PI-PNN-Image.jpg",305,172,false],"cvmm-portrait":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/08\/PI-PNN-Image.jpg",400,225,false],"cvmm-medium-square":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/08\/PI-PNN-Image.jpg",600,338,false],"cvmm-large":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/08\/PI-PNN-Image.jpg",1024,576,false],"cvmm-small":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/08\/PI-PNN-Image.jpg",130,73,false],"full":["https:\/\/newstrackbhopal.com\/wp-content\/uploads\/2024\/08\/PI-PNN-Image.jpg",1200,675,false]},"categories_names":{"2":{"name":"Business","link":"https:\/\/newstrackbhopal.com\/index.php\/category\/business\/"}},"tags_names":{"627":{"name":"business","link":"https:\/\/newstrackbhopal.com\/index.php\/tag\/business\/"}},"comments_number":"0","_links":{"self":[{"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/posts\/29452","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/comments?post=29452"}],"version-history":[{"count":0,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/posts\/29452\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/media\/29453"}],"wp:attachment":[{"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/media?parent=29452"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/categories?post=29452"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newstrackbhopal.com\/index.php\/wp-json\/wp\/v2\/tags?post=29452"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}