NIBE gains on raising Rs 53 cr via preferential issue

NIBE advanced 2.95% to Rs 415 after its board approved allotment of 14,40,779 equity shares aggregating to Rs 52.58 crore on preferential basis.

The company's board on 21 February 2023 approved preferential issue of upto 14,40,779 equity shares of face value of Rs 10 per share at an issue price of Rs 365 per share, to non-promoters.

After allotment of the aforesaid equity shares, the issued, subscribed and paid-up equity share capital of the company increased to Rs 11,85,94,850 from Rs 10,41,87,060.

NIBE is in the business of trading in electronic components, fabrication materials, job work relating to fabrication works and consultancy in technical project etc. The company is service provider in field of design, supply, erection, testing, commissioning of Low voltage & Medium voltage lines including substations on turnkey basis.

The company reported standalone net profit of Rs 0.93 crore in Q3 FY23 as against net loss of Rs 2.05 crore in Q3 FY22. Net sales jumped 95.4% YoY to Rs 15.18 crore in the quarter ended 31 December 2022.

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