Cello to raise funding through equity and convertible instruments

29 May 2024 , 03:09 PM

The Board of Cello World approved raising funds during their meeting on May 29, 2024. Funds will be raised through the issuance of equity shares and/or other securities convertible into equity shares.

This includes options such as warrants, fully convertible debentures, partly convertible debentures, non-convertible debentures with or without warrants, and convertible preference shares.

The aggregate amount will be up to 86,54,000 equity shares of face value ₹5 each, or an equivalent amount. The fund-raising will be done through qualified institutions placement (QIP) or any other permissible modes and/or combinations.

This initiative is subject to necessary regulatory and statutory approvals. Approval from the shareholders of the company is also required.

At the time of writing, the shares were trading at ₹863 which is a 1.87% hike than the previous close. The stock has gained  a total of 9% in the last one year, and 8.34% since the beginning of the year.

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