NIBE hits the roof on fund raising plan

NIBE hit an upper circuit of 5% to Rs 346.55 after the company said its board will consider raising funds on 31 December 2022.

This is to inform you that a meeting of the Board of Directors of the company will be held on Saturday, December 31, 2022 to consider inter alia, a proposal for fund raising by way of issue of equity shares/convertible warrants and/or any other instruments through preferential issue on a private placement basis, the company said in exchange filing.

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 1.09 crore in Q2 FY23 as against net loss of Rs 1.15 crore in Q2 FY22. Net sales of Rs 17.22 crore in Q2 FY23, steeply higher than Rs 3.32 crore in Q2 FY22.

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