 "Automobile dealers look for strategies to revive sales, arrest job losses")
Auto component maker Rane (Madras) Limited has received its board's approval to raise Rs 50 crore from promoters.
The company informed stock exchanges on Monday that the board had approved its fundraising plan, “including by way of issuance of equity shares and/or convertible securities to the promoter/promoter group up to Rs 50 crore on a preferential basis”.
Rane (Madras), a manufacturer of steering and suspension products and die casting components, reported a negative profit before tax (PBT) of Rs 10.8 crore in the July-September quarter of 2019-20, compared to a profit of Rs 13.1 crore in the same quarter last year.
The company’s
