Modis Navnirman Ltd to raise Rs 56.11 Cr through preferential issue of equity shares and convertible warrants

Modi's Navnirman Limited (BSE: MODIS) Board has given its approval for a fund-raising initiative through preferential issue of equity shares and convertible warrants, subject to the necessary statutory and regulatory approvals. The approval process includes seeking the nod from the shareholders of the company, wherever required.

The Company will be raising Rs. 56.11 Cr of funds through this issue, which comprises of 21,72,000 equity shares and 5,00,000 fully convertible warrants (within 18 months), at an issue price of Rs. 210/-.

Recognizing the real estate sector's promising potential, the Company is strategically prioritizing its expansion. To capitalize on the real estate boom, the Company has laid out a three-pronged strategy: acquire new projects, fast-track existing ones, and boosting our overall presence in stronghold areas. Securing long-term capital is crucial for achieving these above-mentioned goals.

Fuelled by the positive real estate climate and combined with a track record of successful project delivery and a robust financial standing, the Company has planned to raise capital through preferential issue of equity shares and convertible warrants, aiming to unlock significant growth potential and a promising future for the company and its shareholders.

Mr. Dinesh Modi, Chairman and MD, Modi's Navnirman Limited. "We are excited to announce that we will be raising funds by allotting equity shares and convertible warrants on a preferential basis in Modis Navnirman Limited. We would like to extend our gratitude to everyone who has participated in the fund raising, as it highlights the confidence and commitment of the investors and employees towards the growth prospects of our company. We believe that there is tremendous growth potential in the Indian real estate sector and are eager to capitalize on opportunities in the booming economy. Our commitment is unwavering to deliver sustainable growth and value to our shareholders."

Shares of Modis Navnirman Limited was last trading in BSE at Rs. 227.15 as compared to the previous close of Rs. 214.65. The total number of shares traded during the day was 60000 in over 71 trades.

The stock hit an intraday high of Rs. 228.90 and intraday low of 219.00. The net turnover during the day was Rs. 13478440.00.

Source : Equity Bulls

Keywords

ModisNavnirman INE0L0L01012 Residential CommercialProjects FundRaising PreferentialIssue ConvertibleWarrants EquityShares