Salasar Techno Engineering is planning to raise up to Rs 2 billion through various modes, including qualified institutional placement (QIP). To this end, the board has approved a proposal to constitute a fundraising committee.
The Salasar Techno Engineering carries out engineering, designing, procurement, fabrication and galvanisation work for telecom players. As per the regulatory filing, the company unveiled that the fund will be raised in one or more tranches. Besides, the board decided to appoint various intermediaries, merchant bankers, advisors and legal counsel.
Meanwhile, as per the company, a proposal for enhancement of borrowing limit to Rs 7 billion from Rs 5 billion is given a go-ahead by the board.
