The board of directors of Sansera Engineering Ltd. approved a fund raise of up to Rs 1,200 crore on Tuesday through qualified institution placement or other means. The fund raise is subject to further approval from the board of directors and compliance with applicable law.
The auto component manufacturers will raise funds through one or more tranches, the company said in an exchange filing. Sansera Engineering will raise funds through the issue of equity shares or convertible securities linked to equity shares.
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The board will decide if the fund-raiser will be through further public issues, debt issues, preferential allotment, private placement or qualified institution placement.
In addition, the company approved the investment of Rs 20 crore in MMRTFIC Technology Pvt. Ltd. in one or more tranches through compulsorily convertible preference shares. The investment is to be completed by the financial year 2025.
MMRTFIC is a research, product development and manufacturing entity that builds sub-systems and systems for next-generation radars by leveraging machine learning with artificial intelligence for mm-wave sensors with hybrid beam-forming capabilities.
The scrip closed 0.27% higher at Rs 1,492.45 apiece. This compares to a 0.51% advance in the NSE Nifty 50 Index.
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