Marg Techno-Projects Updates Fund Utilization Plan for Rs 21 Crore Preferential Issue
Marg Techno Projects Limited has approved a preferential issue of 42,00,000 equity shares at Rs 50 per share, raising Rs 21 crore. The issue involves both promoters and non-promoters. The company plans to use the funds for previously stated purposes, with a 20% deviation allowed in allocation. The board also corrected its borrowing powers limit from Rs 300 crore to Rs 3,000 crore, a significant increase that could enhance financial flexibility.
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Marg Techno Projects Limited , a Surat-based company, has announced significant corporate actions that could reshape its financial structure and ownership. The company's board has ratified a preferential issue of equity shares, made a crucial correction to its borrowing powers limit, and provided an update on the utilization of funds from the preferential issue.
Preferential Share Issue and Fund Utilization
The board of Marg Techno Projects Limited has approved a preferential issue of 42,00,000 equity shares at Rs 50.00 per share, aiming to raise Rs 21.00 crore. This strategic move involves both promoters and non-promoters, with the following key allocations:
| Allottee | Category | Shares Allotted | Amount (Rs in crore) |
|---|---|---|---|
| Akhil Nair | Promoter | 10,00,000 | 5.00 |
| Arun Madhavan Nair | Promoter | 10,00,000 | 5.00 |
| Madhavan Kakkat Nair | Promoter | 5,00,000 | 2.50 |
| Mansukhbhai Mahadevbhai Parejiya | Non-Promoter | 5,50,000 | 2.75 |
| Shashwat Shrikhande | Non-Promoter | 3,00,000 | 1.50 |
| Saurabh Gupta | Non-Promoter | 3,00,000 | 1.50 |
| Other Non-Promoters | Non-Promoter | 5,50,000 | 2.75 |
The company has informed BSE that the proceeds from the Rs 21.00 crore preferential issue will be utilized for purposes stated in the original notice points a, f, g, and c, with a 20% deviation allowed in fund allocation. Notably, the company has decided to drop its investment plan in acquiring the company mentioned in point j for the time being.
Correction in Borrowing Powers Limit
In a notable development, the board has rectified an error in its previous resolution regarding the company's borrowing powers. The limit, which was incorrectly stated as Rs 300.00 crore in a previous board meeting, has been corrected to Rs 3,000.00 crore. This tenfold increase in the borrowing limit could potentially provide the company with greater financial flexibility for future operations and expansions.
Additional Board Decisions
The board has also approved a corrigendum to the earlier circulated agenda related to the preferential issue, incorporating necessary clarifications and modifications. Furthermore, the board has authorized the Managing Director and Company Secretary to complete all required regulatory filings and formalities associated with these decisions.
These corporate actions, particularly the preferential issue, the updated fund utilization plan, and the corrected borrowing limit, may have significant implications for Marg Techno Projects Limited's financial strategy and capital structure going forward. Investors and stakeholders will likely be watching closely to see how these decisions impact the company's future growth and operational capabilities.
Historical Stock Returns for Marg Techno Projects
| 1 Day | 5 Days | 1 Month | 6 Months | 1 Year | 5 Years |
|---|---|---|---|---|---|
| -2.09% | -7.30% | -9.70% | -50.24% | -25.08% | +446.64% |
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