Captain Technocast Limited Strengthens Capital Base With Rs. 8.4 Cr Equity Allotment
PNN
Mumbai (Maharashtra) [India], January 7: Captain Technocast Limited (CTCL), one of the leading manufacturers, exporters, and suppliers of precision investment casting, has completed the allotment of 1,400,000 equity shares through the conversion of an equivalent number of warrants.
Key Highlights:
* Volume and Allocation: A total of 1,400,000 equity shares were issued to 17 non-promoter group allottees. Each share was allotted at a face value of Rs10, with a premium of Rs50 per share, bringing the total value of the issuance to Rs8.4 Cr.
* Enhanced Equity Base: With this allotment, the company's paid-up equity capital has risen from Rs10.21 Cr to Rs11.61 Cr.
The successful equity allotment through warrant conversion on a preferential basis after receipt of the balance amount of 75% against each warrant towards the full and final subscription amount for conversion of the same into equity shares represents a significant development for the company, strengthening its capital base and positioning the company for future growth. By enhancing its financial resources, the company aims to drive operational improvements and continue delivering high-quality products to its diverse clientele across industrial sectors.
Commenting on the development, Anil V. Bhalu, Managing Director of Captain TechnocastLimited said, "This successful equity allotment marks a significant step forward for Captain TechnocastLimited. The infusion of additional capital not only strengthens our financial position but also reinforces our ability to pursue strategic initiatives and operational enhancements. We are committed to utilizing these resources effectively to drive growth, and consistently deliver high-quality products to our valued clients across diverse industrial sectors."
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