Mumbai, March 31 Engineering company Falcon Technoprojects India Ltd announced on Tuesday that it will raise ₹21.43 crore through a rights issue, which will open for subscription next month.
The rights issue will open on April 7 and close on April 16, the Mumbai-based company said in a statement, adding that it has received in-principle approval from NSE Emerge for the rights issue.
The company is offering up to 2.14 crore equity shares at an issue price of ₹10 per share, aggregating up to ₹21.43 crore to existing eligible shareholders in a ratio of 4:1 – four rights equity shares for every one share held by shareholders.
The Mumbai-based engineering company, which provides integrated solutions such as mechanical, solar rooftop PV installation, gate automation and solar water heating, will use the proceeds to meet working capital requirements.