GTV Engineering Ltd Gets In-Principle Approval for Preferential Issue of Shares on Share Swap Basis
GTV Engineering Limited announced the receipt of In-Principle Approval from BSE Limited for a substantial preferential issue of equity shares to the company’s promoter/promoter group. The transaction is structured on a share swap basis and is intended to bolster the company's presence in the small hydro power sector.The approval covers the issue and allotment of 39,42,046 equity shares. These shares have a face value of ₹2/- each and are required to be transacted at a price not less than ₹59.65/- per equity share.
The details of the preferential issue are presented below:
| Aspect | Details |
|---|---|
| Number of Shares | 39,42,046 |
| Face Value | ₹2/- per share |
| Minimum Issue Price | ₹59.65/- per share |
| Issue Basis | Preferential basis pursuant to share swap |
| Recipient | Promoter/promoter group |
The consideration for this preferential issue will not be in cash. Instead, the shares will be utilized toward the acquisition of equity shares of Chirchind Hydro Power Private Limited (CHPPL).
The proposed transaction is strategically aimed at consolidating CHPPL as a subsidiary of GTV Engineering Limited. This move supports the company’s long-term business objective of integrating small hydro power generation into its core business platform.
Stock Price Movement
As of 11:00, GTV Engineering Ltd shares are ticking down, currently at ₹67.00, representing a loss of 0.62%. Throughout the session, the stock moved between a low of ₹67.00 and a high of ₹68.61.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
The information provided is for general informational purposes only and does not constitute investment advice, a recommendation, or an offer to buy or sell any securities. Readers are advised to rely on their own assessment and judgment and consult appropriate financial advisers, if required, before taking any investment-related decisions.
Any views, opinions, or statements expressed, where applicable, are those of the respective analysts or experts and do not reflect the views of this website. The website has no association with such viewpoints and does not assume any responsibility for them.