Rane (Madras) has received approval to raise funds through preferential issue of securities to Rane Holdings. The company will issue 10,96,892 equity shares of face value of Rs 10 each, fully paid up, for cash, at a price of Rs 547 each.
The company has also received approval to issue 3,65,630 warrants of face value of Rs 10 each, for cash, at a price of Rs 547 each, convertible into 3,65,630 Equity shares of face value of Rs 10 each, fully paid up at a price of Rs 547 per share at any time after the date of allotment but on or before the expiry of 18 months from the date of allotment. The Board of Directors at their meeting held on August 05, 2017, has given approval for the same.
Rane (Madras) is the manufacturer of steering & suspension systems for every segment of automobile industry, viz Passenger cars, Multi utility vehicles, Light commercial vehicles, Heavy commercial vehicles and Farm tractors.
