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The board of Prakash Pipes has approved issuance of 35 lakh shares to its promoter on preferential basis to raise ₹26.07 crore. Ved Prakash Agarwal, promoter of Prakash Pipes, has been allotted the shares at ₹74.50 a share. However, the allotment is subject to the approval of the shareholders, the company said in a notice to stock exchanges. The proceeds from preferential issue will be used to augment the working capital requirements of the company and other corporate purposes, it further added. Shares of Prakash Pipes is trading at ₹75.70 compared to the previous close of ₹74.85 on the BSE.
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