Mold-Tek Technologies Plans to Use Preferential Issue Proceeds for Nashik Branch Expansion
Mold-Tek Technologies Ltd has announced the utilization plan for the proceeds generated from its proposed Preferential Issue of Equity Shares. The funds are earmarked entirely for capital expenditure related to the construction of the company's new branch office building in Nashik.According to the company, the proposed capital expenditure totals Rs. 4,75,60,000. This allocation represents 100% of the total proceeds from the preferential issue.
The details of the proposed expenditure are outlined as follows:
| Type of Expenditure | Particulars | Amount (Rs.) | % of total proceeds |
|---|---|---|---|
| Capital Expenditure | Construction of the company's new branch office building at its Nashik location. | 4,75,60,000 | 100% |
Mold-Tek Technologies aims to establish a dedicated facility for its growing operations in Nashik. The land for this project is situated at Pathardi-1, District Nashik, Maharashtra, and bears Survey No. 217/1/A/2. The company noted that the Nashik branch currently operates from rented premises, and the planned construction is intended to support ongoing business operations and future growth.
The utilization of the proceeds for the project is expected to be completed within an estimated timeline of 15 to 18 months from the date of allotment. The company confirmed that the issue proceeds shall not be utilized for any purpose other than the capital expenditure stated above.
MOLDTECH Stock Price Movement
Today, Mold-Tek Technologies Limited shares edged higher to close at ₹125.42, gaining 3.48% from previous levels. The stock saw significant activity today, reporting a total traded volume of 25,796 shares.Source:
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