Xpro India Limited - proposed raising of equity resources and setting up of a subsidiary in UAE

Xpro India Limited has proposed a capital raising plan for the approval of the Shareholders, which has been announced as required. In summary, the Company intends to raise upto Rs. 140 Crores through preferential issue of Convertible Warrants and upto Rs. 150 Crores through a Qualified Institutions Placement (QIP). The promoter group will also participate in the preferential issue, to signify their continuing commitment through their significant holding.

The key intent of the Board is to further strengthen the capital resource base of the Company in light of the growth plans that are in motion, and the underlying strategic vision of being a focused player of consequence in the dielectric BOPP film business in the global space, besides consolidating our domestic first-mover status.

The management is confident of being on track with the timelines for the expansions as detailed in the last Annual report, and as mentioned in subsequent releases. As a step towards enlarging our successful footprint in the industry's global supply chain the Board has approved the setting up of a subsidiary in the United Arab Emirates; shareholders will be kept informed as required in due course about related developments.

The Board believes that its emphasis on sound governance, financial discipline, and objectives on business scale and focus, are all important factors in value enhancement. The Board greatly appreciates the support of shareholders and looks forward to their due approvals.

Shares of Xpro India Limited was last trading in BSE at Rs. 1185.95 as compared to the previous close of Rs. 1128.85. The total number of shares traded during the day was 14143 in over 1811 trades.

The stock hit an intraday high of Rs. 1191.20 and intraday low of 1120.15. The net turnover during the day was Rs. 16432624.00.

Source : Equity Bulls

Keywords

XproIndia INE445C01015 FundRaising Equity UAESubsidiary