Patel Engineering gains after board OKs Rs 350-cr rights issue

Patel Engineering advanced 2.37% to Rs 21.60 after the company announced that its board has approved raising funds up to Rs 350 crore through rights issue of equity shares.

In a regulatory filing made during market hours today, the company said that the board of directors has approved the raising of funds, through issuance and allotment of equity shares having face value of Rs 1 each up to an aggregate amount of Rs 350 crore, on rights basis, to the eligible equity shareholders of the company, as on the record date.

Patel Engineering has a strong presence in tunnels and underground works for hydroelectric and dam projects. The company has a consistent track record in execution of projects in domestic and international arena. PEL have completed over 85 dams, 40 hydroelectric projects and more than 300 km of tunnelling for clients which are mostly central PSUs or state government organizations.

The company's consolidated net profit rose 282.31% to Rs 26.15 crore in the quarter ended September 2022 as against Rs 6.84 crore during the previous quarter ended September 2021. Sales rose 23.27% to Rs 893.05 crore in Q2 FY23 over Q2 FY22.

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