Transformer and Rectifiers' board grants nod for raising Rs 250 cr

Transformer and Rectifiers' (India) board today approved a proposal to raise up to Rs 250 crore through securities via qualified institutional placement.

The proposal to obtain enabling approvals, from the shareholders for issuance of equity shares, and/ or equity linked securities and/or securities convertible into equity shares through Qualified Institutional Placement (QIP) or preferential allotment for an amount not exceeding Rs 250 crore, was approved by board of directors in its meeting held today, a BSE filing stated.

Further, members (shareholders) approval shall be obtained in forthcoming annual general meeting for this matter (proposal), according to the statement.

The board also approved a proposal for loan to T&R Jingke Electrical Equipments Private Ltd, a joint venture company, subject to approval of the members (shareholders).

The board also approved the financial result of the firm in the meeting held today. The company posted a net profit of Rs 2.37 crore in the April-June quarter whereas it had reported a loss of Rs 2.21 crore in the same month year ago.

The company's total income for the first quarter rose to Rs 224.72 crore from Rs 133.02 a year ago.

The company has order book valuing Rs 765 crore as on June 30, 2018. It sold 6218 MVA in April-June quarter this fiscal, which is the highest in any first quarter earlier.