VMPL
Chennai (Tamil Nadu) [India], June 21: Supreme Power Equipment Limited (SPEL), (NSE Code: SUPREMEPWR), one of the leading manufacturers of power and distribution transformers in India, has announced a proposal to raise up to ₹21.07 Cr through the issue and allotment of up to 12,47,000 Fully Convertible Warrants on a preferential basis. Each warrant is priced at ₹169 and will be convertible into one fully paid-up equity share of face value ₹10 each.
As part of the proposed allotment, 4,49,500 warrants representing approximately 36% of the total issue are proposed to be allotted to Mr. Vee Rajmohan, the Promoter of the Company. The remaining 7,97,500 warrants are proposed to be allotted to select investors from the Non-Promoter Group, as detailed below:
- N B Venkatraman - 2,49,500 warrants
- Rajkumar Arumugam Sankar - 1,84,500 warrants
- Gopalakrishnan Sankaran - 1,84,500 warrants
- Peratchi Sankaran - 1,79,000 warrants
The company intends to utilize the proceeds from this fundraise, to support its capital expenditure plans. This includes the purchase of new machinery, implementation of software solutions, civil infrastructure development, and for general corporate purposes.
This proposed fundraise is subject to the approval of shareholders and receipt of applicable statutory and regulatory approvals, as required under prevailing laws.
On the receipt of the order, Mr. Vee Rajmohan, Chairman and Managing Director of Supreme Power Equipment Limited said, "This proposed fundraise is a strategic step toward strengthening our operational capacity and preparing for future growth. The capital, once approved and realized, will be directed towards acquiring new machinery, implementing modern software systems, and enhancing our civil infrastructure key investments that will boost our efficiency and production capabilities.
We're also allocating a portion of the funds for general corporate purposes, ensuring we remain agile and well-positioned to respond to evolving market needs. With demand for power and distribution transformers on the rise, especially in infrastructure and renewable energy sectors, this initiative aligns with our long-term vision to scale sustainably and deliver greater value to all stakeholders."
For More details, please refer the board meeting outcome on NSE:
https://nsearchives.nseindia.com/corporate/SPEL_18062025171534_OutcomeofBoardmeeting.pdf
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