Generic Engineering Construction and Projects Ltd board approves preferential issue

The Board of Directors of Generic Engineering Construction and Projects Limited in their meeting held on Friday, January 13, 2023 have considered and approved the preferential issue.

Subject to Shareholders approval, the board approved increase in Authorized Capital of the Company from Rs.24,25,00,000/- (Rupees Twenty-Four Crores Twenty-Five Lakhs Only) divided into 4,85,00,000 (Four Crores Eighty-Five Lakhs) Equity Shares having face value of Rs. 5/- each to Rs. 30,00,00,000/- (Rupees Thirty Crores Only) divided into 6,00,00,000 (Six Crores) Equity Shares having face value of Rs. 5/- each.

Subject to Shareholders approval, the board approved issue of upto 67,50,000 (Sixty-Seven Lakhs Fifty Thousand) Equity Shares on preferential basis ('Preferential Issue') for cash at an issue price of Rs. 32.40/- per share having face value Rs. 5/- at premium of Rs. 27.40/- aggregate amounting to Rs.18,49,50,000/-.

Subject to Shareholders approval, the board approved issue of upto 54,50,000 (Fifty-Four Lakhs Fifty Thousand) fully convertible warrants ("Warrants / Convertible Warrants") into Equity Shares on preferential basis ('Preferential Issue') for cash at an issue price of Rs. 32.40/- per share having face value Rs. 5/- at premium of Rs. 27.40/- aggregate amounting to Rs. 17,65,80,000/-.

Shares of Generic Engineering Construction and Projects Limited was last trading in BSE at Rs. 54.10 as compared to the previous close of Rs. 56.60. The total number of shares traded during the day was 398972 in over 3303 trades.

The stock hit an intraday high of Rs. 59.50 and intraday low of 51.00. The net turnover during the day was Rs. 21520969.00.

Source : Equity Bulls

Keywords

GenericEngineeringConstructionandProjects INE854S01022 PreferentialIssue FundRaising