Power equipment maker Transformers and Rectifiers (India) today said its board has approved raising Rs 125 crore through Qualified Institutional Placement (QIP) or preferential allotment.
The board of directors approved the "Issuance of Equity Shares through QIP or preferential allotment up to an aggregate amount of Rs 125 crore, subject to the approval of shareholders," Transformers and Rectifiers (India) said in a filing to BSE.
In a separate filing, the company said its standalone net profit for the quarter ended June 30, 2016 stood at Rs 75 lakh.
However, the company had posted a standalone net loss of Rs 12.49 crore in the year-ago period.
The total income from operations increased to Rs 159.17 crore, over Rs 62.11 crore in the year-ago period.
