PTC Inds hits the roof after board approves preferential issue

PTC Industries hit an upper circuit limit of 5% at Rs 2610 after the company said its board approved raising Rs 214 crore through preferential issue of equity shares and warrants to 57 investors.

The company's board on 20 October 2022 approved preferential issue of upto 2,81,000 equity shares of face value of Rs 10 per share at an issue price of Rs 2,349 per share, to non-promoters.

The board also approved preferential issue of 6,30,170 fully convertible warrants ('warrants'), each carrying a right exercisable by the warrant holder to subscribe to one equity share of face value of Rs 10 per share, at an issue price of Rs 2,349 per warrant, to non-promoters. The warrant conversion period is within 13 months from the date of allotment.

The board also approved the draft notice of extra-ordinary general meeting scheduled to be held on 19 November 2022.

PTC Industries manufactures high quality engineering components for various critical and super-critical applications.

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