Shivam Autotech's Fundraising Initiative
Shivam Autotech Limited's board has approved a ₹120 crore fundraising plan through the issuance of 12,000 Optionally Convertible Debentures (OCDs) priced at ₹1 lakh each. This move aims to address the company's current financial challenges.
Details of the Fundraising
- Total Amount: ₹120 crores
- Instrument: Optionally Convertible Debentures (OCDs)
- Number of OCDs: 12,000
- Price per OCD: ₹1 lakh
- Investor: Alpha (specifics about the investor not disclosed)
Context
This strategic capital raise is designed to bolster Shivam Autotech's financial position amid ongoing difficulties, providing liquidity and flexibility by utilizing OCDs that offer optional conversion features.
"The board's approval of this fundraising is a significant step toward stabilizing the company's financial framework," the company stated.
This financing approach demonstrates Shivam Autotech's proactive measures to overcome financial strains while ensuring investor engagement through optional conversion debentures.
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