EC Wheels India Pvt Ltd updates on fund raising

EC Wheels India Private Limited ("EC Wheels"), a subsidiary of Steelman Telecom Limited ("Company") and its individual founders have entered into a share subscription agreement with certain investors for an investment of approximately Rs. 5.5 crores into EC Wheels by issuance of up to 5,20,084 compulsorily convertible preference shares of EC Wheels (each convertible into 1 equity share of Rs. 10 each) at a price of Rs 106/- each (including premium of Rs. 96 each). The investment is subject to customary closing conditions and approvals, which are expected to be completed in due course.

Consequently, and as a requirement of this investment, the Company, EC Wheels and the major shareholders have entered into a shareholders’ agreement with the aforementioned investors for the governance and management of EC Wheels, containing terms, conditions, and transfer restrictions as are customary for transactions of this nature.

Shares of Steelman Telecom Limited was last trading in BSE at Rs. 176.00 as compared to the previous close of Rs. 180.00. The total number of shares traded during the day was 1200 in over 1 trades.

The stock hit an intraday high of Rs. 176.00 and intraday low of 176.00. The net turnover during the day was Rs. 211200.00.

Source : Equity Bulls

Keywords

SteelmanTelecom INE0MSK01016 TelecomServices ECWheelsIndia FundRaising CCPS