Concord Control Systems Ltd announces Preferential Equity Share Issue

Concord Control Systems Limited (BSE: CNCRD), India's leading manufacturer of embedded electronic systems and a critical electronic solutions company, has announced that its Board of Directors has approved a preferential issue of up to 2,38,500 fully paid-up equity shares. The issue, priced at Rs. 2,100 per share including a substantial premium, is set to raise approx. Rs. 50,08,50,000, subject to shareholders' and regulatory approvals.

The preferential issue witnessed strong confidence from existing investors, with prominent names including Ashish Rameshchandra Kacholia, Sanshi Fund group and the new entrant Sage One Flagship Growth Open-Ended Fund, highlighting a robust endorsement of Concord's growth strategy and market potential.

Commenting on the development, Nitin Jain, Joint Managing Director - Concord Control Systems Limited said, "This preferential equity issue marks a significant milestone in our journey. It empowers Concord Control Systems to strengthen its financial position, expand operational capacity, and strategically capitalize on market opportunities within the automation sector. The participation of our valued existing investors combined with the fresh capital from Sage One reinforces the trust in our vision."

This strategic capital infusion is aimed at accelerating Concord's expansion plans, investing in new technologies, and enhancing production capabilities to meet growing market demand. The preferential allotment will be made to select investors including prominent funds and key stakeholders, positioning Concord for sustained future growth and innovation.

Shares of Concord Control Systems Limited was last trading in BSE at Rs. 2564.40 as compared to the previous close of Rs. 2366.00. The total number of shares traded during the day was 34400 in over 162 trades.

The stock hit an intraday high of Rs. 2600.00 and intraday low of 2439.95. The net turnover during the day was Rs. 86633260.00.

Source : Equity Bulls

Keywords

ConcordControlSystems INE0N0J01014 IndustrialProducts FundRaising PreferentialIssue