Sprayking Agro Equipment Ltd’s shares were up 1.05 per cent after the company approved a fund-raising initiative through the issuance of 8,40,000 convertible warrants on a preferential basis, at Rs 207 per warrant
The convertible warrants will be offered to foreign investors, namely Nexpact Ltd and AG Dynamic Fund Ltd, at a premium of 9 per cent over the current market price, which stands at Rs 190.
A reason for the fundraising is the recent acquisition of a 3,000 sq. m manufacturing facility in Jamnagar, Gujarat, dedicated to producing brass and forging components and parts.
Sprayking Agro Equipment has acquired a 51 per cent stake in Narmada Brass Industries. The company operates a manufacturing unit in copper brass products. With a 2,000 tonnes per year production capacity of forged products, this acquisition positions Sprayking to meet domestic and export demand.
The shares were up by 1.05 per cent at Rs 192 at 10.06 am on the BSE.