Hitachi Energy Board To Mull Raising Funds Via Equity Shares, QIP, And Other Means
However, the disclosure didn't mention the amount that the company is targeting to garner via the fundraise.
Hitachi Energy India Ltd. said on Wednesday that it will consider raising funds via equity shares, qualified institutional placement, or other means in one or more tranches.
However, the disclosure didn't mention the amount that the company is targeting to garner via the fundraise.
According to the exchange filing, a meeting of the company's board of directors is scheduled to be held on Jan. 18, 2025, where it will consider and approve the proposal for raising of funds.
The energy solutions provider stated that its board will decide on raising funds either by way of the issuance of equity shares and/or other securities, including securities convertible into equity shares, warrants or fully convertible debentures; partly convertible debentures; nonconvertible debentures along with warrants; or convertible preference shares.
The company may secure funds via public issue, rights issue, preferential allotment, or private placement, including QIP. And it may do this in one or more tranches or any other mode or combination thereof as may be permitted under applicable laws.
At the same time, the filing added that it may require regulatory or statutory approvals. The move will also be subject to approval of shareholders of the company through postal ballot.
Earlier, on Dec. 13, 2024, the company had informed about the closure of the trading window from Dec. 16, 2024, until two days after the date of the board meeting, during which the unaudited financial results for the quarter ended Dec. 31, 2024, will be considered by its board.
According to the company, the “aforesaid intimation shall continue to be in effect for the current disclosure.”
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What's Next For Hitachi Energy?
In December, N Venu, managing director and chief executive officer of Hitachi's India and South Asia business, had told NDTV Profit in a televised interview that he expects the company to benefit from the country's accelerating energy transition to renewable sources that will lead to demand for advanced transmission equipment and upgradation.
"India's energy transition is driving tailwinds. The National Energy Plan lays out an investment of Rs 9 lakh crore till fiscal 2032. A lot of this will go to transmission lines that require high voltage distribution cables," he had said.
Shares of Hitachi Energy India Ltd. closed 5.17% lower at Rs 12,663.40 apiece on the BSE, compared to a 0.29% advance in the benchmark Sensex.
