Azad Engineering To Consider Raising Funds On Jan. 3

Azad Engineering Ltd. announced that its board of directors will meet on Jan. 3, 2025, in Hyderabad to consider a proposal for raising funds, subject to members' approval.

The board is set to consider raising funds through various means, including equity shares, equity-linked instruments, convertible preference shares, convertible debentures, or a combination of non-convertible debentures and warrants, according to an exchange filing.

The fundraising may be conducted via private placement, qualified institutional placement (QIP), public issuance, preferential allotment, rights issue, or other permissible methods under applicable laws.

The raising of funds is subject to such statutory or regulatory or other approvals as may be required, including the approval of the members to seek their consent for such fundraising and to approve ancillary actions for such fundraising, the filing said.

The company is to consider and approve an employee stock option scheme formulated in accordance with the Securities and Exchange Board of India 2021 and other applicable laws.

The board is also to consider and recommend the appointment of Murali Krishna Bhupatiraju as the managing director and Deepak Kabra as an independent director.

Further, the company is also to discuss other incidental and ancillary matters.

Shares of Azad Engineering closed 1.91% lower at Rs 1,679.25 apiece, compared to a 0.1% advance at the benchmark NSE Nifty 50.

Three analysts tracking the company have a 'buy' rating on the stock, according to Bloomberg data. The average of 12-month analyst price targets implies a potential upside of 27.4%.