Kilburn Engineering Ltd. announces Fundraising Proposal

Kilburn Engineering Ltd. (BSE Code: 522101) has announced a proposal to raise upto Rs. 300 crore through a preferential allotment of shares and/or convertible warrants at Rs. 425 per share (including a premium of Rs. 415). This proposal is subject to approval by the members at the upcoming Annual General Meeting.

Commenting on the fundraising initiative, Mr. Ranjit Lala, Managing Director of Kilburn Engineering Ltd., stated, "This strategic move will strengthen the company's financial position and support our growth initiatives. The raised funds will primarily be allocated towards ongoing acquisitions, expanding operations, repaying long-term debt, and pursuing future expansion and strategic acquisitions."

Mr. Amritanshu Khaitan, Director of Kilburn Engineering Ltd., added, "We are encouraged by the positive response to this fundraising effort. The support from our investors reaffirms their confidence in our strategic direction. This capital will enable us to accelerate our plans for both organic and inorganic growth and move towards becoming debt-free, positioning us for more rapid expansion."

The company is committed to executing its growth strategy and will provide updates as it progresses with these initiatives.

Shares of KILBURN ENGINEERING LTD. was last trading in BSE at Rs. 474.65 as compared to the previous close of Rs. 470.95. The total number of shares traded during the day was 106476 in over 1072 trades.

The stock hit an intraday high of Rs. 486.10 and intraday low of 470.00. The net turnover during the day was Rs. 50747357.00.

Source : Equity Bulls

Keywords

KILBURNENGINEERING INE338F01015 FundRaising PreferentialIssue EquityShares ConvertibleWarrants