Falcon Technoprojects to raise Rs 21.4 cr through rights issue

Mumbai, Mar 31 (PTI) Engineering company Falcon Technoprojects India Ltd on Tuesday said it will raise Rs 21.43 crore through a rights issue, which will open for subscription next month.

The rights issue will open on April 7 and close on April 16, the Mumbai-based company said in a statement, adding that it has received in-principle approval from NSE Emerge for the rights issue.

The company is offering up to 2.14 crore equity shares at an issue price of Rs 10 per share, aggregating up to Rs 21.43 crore to existing eligible shareholders in the ratio of 4:1 –“ four rights equity share for every one share held by shareholders.

Mumbai-based engineering company, which provides integrated solutions such as mechanical, solar rooftop PV installation, gate

automation and solar water heating, will use the proceeds for meeting working capital requirements. PTI IAS TRB