Patel Engineering Secures Rs 90 Crore Funding for Growth and Debt Service
Patel Engineering has raised Rs 90 crore through a private placement of 9,000 non-convertible debentures. The funds will be used for working capital, debt repayment, and supporting new projects. The move is part of the company's strategy to expand operations and maintain financial efficiency.
- Country:
- India
Patel Engineering announced on Friday that it has successfully raised Rs 90 crore to bolster its growth strategies and manage existing debt levels. The Mumbai-based construction engineering firm secured the funds by issuing 9,000 senior, secured, rated, and listed non-convertible debentures (NCDs) via a private placement.
Proceeds from the issuance are earmarked to meet the working capital needs for ongoing EPC projects, repay existing loans, and fund the initial requirements of new projects. This fundraising initiative is a pivotal step in Patel Engineering's journey toward scaling operations and fulfilling new infrastructure projects.
Rahul Agarwal, Chief Financial Officer, emphasized that the injection of funds will significantly boost the company's financial efficiency and operational momentum. The approval for this fundraise came from the company's Board of Directors' Allotment Committee on August 26, 2025.
(With inputs from agencies.)
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