PG Electroplast up 5% as board to mull over fundraise at meeting on Oct 19

PG Electroplast's board will consider raising funds via issuance of any instruments or securities, through private placement, preferential issue, rights issue, or qualified institutions placement

PG Electroplast shares advanced 4.7 per cent in trade on Thursday and logged an intraday high of Rs 619 per share on BSE. The scrip gained as the company's board is scheduled to mull over a fundraising proposal at a meeting on October 19. 

At around 11: 44 AM, PG Electroplast shares were up 3.24 per cent at Rs 610.3 per share on the BSE. In comparison, the BSE Sensex was down 0.55 per cent at 81,055 around the same time.

The market capitalisation of the company around the same time stood at Rs 15,967.55 crore. 

PG Electroplast had, after market hours on Wednesday, said that its board of directors will meet at 10 AM on Saturday, October 19, to consider raising funds through the issuance of instruments or securities, through private placement, preferential issue, rights issue, qualified institutions placement or such other methods.

"A meeting of the board of directors of the company is scheduled to be held on Saturday, October 19, 2024, at 10:00 AM at the corporate office of the company, to inter alia, consider and evaluate a proposal for raising funds, in one or more tranches, through permissible mode," the company's exchange filing read.

The company added that the trading window for dealing in the company’s securities has already been closed from October 1, 2024, till 48 hours after the declaration of unaudited financial results for the quarter and half year ended on September 30, 2024.

PG Electroplast is an Indian company that specialises in manufacturing a variety of plastic products and components, particularly for the automotive and consumer goods sectors. Founded in 1996, it has established itself as a key player in the electroplating and plastic molding industries. 

The company focuses on innovation and quality, producing items like automotive parts, electrical components, and consumer products with a commitment to sustainability and eco-friendly practices.

The company, at its twenty-second annual general meeting held on September 30, had approved the resolutions to receive, consider and adopt the audited financial statements for the financial year ended March 31, 2024, apart from declaring dividend on equity shares for the financial year.

In the past one year, PG Electroplast shares have gained 203 per cent, compared to the BSE Sensex's rise of 23 per cent during the same period.