Singer India Ltd to raise INR 568.28 million through Preferential Issue

The Board of Directors of Singer India Ltd (SIL) at its meeting held today approved the preferential allotment issue of 7.48 million equity shares of face value 1NR 2/- each aggregating to 1NR 568.28 million to various investors at a price of Rs 76/- per equity share. The Preferential Issue is subject to various approvals including from the Company's shareholders.

The funds from the issue, if approved, will enable the Company to strengthen its brand and distribution channels, fulfil its additional working capital requirements for expansion of its businesses and enable investments in product design upgradation and system technology upgradation among others.

Speaking on the occasion, Mr Rajeev Bajaj, MD of the Company said "We are extremely happy to welcome our new set of investors in the Company. I take this opportunity to also express gratitude to our existing investors for the confidence and support they have shown over the years. The development will go a long way in strengthening Singer brand presence as an international brand in India and provide impetus for future growth."

DAM Capital Advisors Limited acted as the exclusive financial advisor for the company. DAM Capital Advisors Limited is an integrated - full services Investment Bank including an Institutional Equities platform, and Mergers & Acquisition Advisory practice. DAM Capital is led by veteran Investment Banker Mr. Dharmesh Mehta, who has more than 33 years' experience in the capital markets.

Shares of SINGER INDIA LTD. was last trading in BSE at Rs. 78.35 as compared to the previous close of Rs. 79.85. The total number of shares traded during the day was 138904 in over 950 trades.

The stock hit an intraday high of Rs. 80.85 and intraday low of 77.00. The net turnover during the day was Rs. 10968145.00.

Source : Equity Bulls

Keywords

SINGERINDIA INE638A01035 FundRaising PreferentialIssue Investors