Patel Engineering's Strategic Leap: Raising Rs 90 Crore for Growth
Patel Engineering announced plans to raise Rs 90 crore through non-convertible debentures. The funds will support its expansion and aid in debt servicing. The move aims to strengthen financial efficiency and boost operational momentum, reflecting Patel Engineering's commitment to excellence with a robust order book and emerging opportunities.
- Country:
- India
Patel Engineering, a leading construction engineering firm, has revealed plans to raise Rs 90 crore to fuel its growth ambitions and manage existing debt. This strategic financial move will be executed through the issuance of non-convertible debentures (NCDs).
The Mumbai-based company plans to allocate the funds raised through the private placement of 9,000 NCDs, each valued at Rs 1,00,000. The funds are earmarked for working capital for ongoing Engineering, Procurement, and Construction (EPC) projects and prepayment of existing obligations, along with meeting requirements for new ventures.
Kavita Shirvaikar, Managing Director of Patel Engineering, highlighted the significance of this capital infusion in boosting the firm's operational capabilities. Chief Financial Officer Rahul Agarwal emphasized that the financing will enhance the company's financial efficiency and sustain the momentum of its operations.
(With inputs from agencies.)
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