Olectra Greentech to issue securities to raise Rs800 crore

2 Sep 2022 , 07:32 AM

Electric mobility company Olectra Greentech announced on Thursday that its board has approved a plan to issue securities to raise Rs800 crore. The company hopes to raise the funds by selling securities that can be converted into equity shares or by issuing equity shares.

It stated in a statement that one or more private offerings may involve the sale of warrants.

Olectra Greentech did not, however, disclose why it was raising the money.

The business was founded in 2000 and is a subsidiary of Megha Engineering and Infrastructures Limited, based in Hyderabad. The company’s net profit increased to Rs18.8 crore in the June quarter as a result of higher revenue.

For feedback and suggestions, write to us at [e-mail]