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Wheels India Ltd has approved a proposal to raise up to INR 400 crore through the issuance of equity shares and other eligible securities in one or more tranches. The Board of Directors cleared the fundraising plan at its meeting held on July 10, authorising a committee to determine the timing, pricing and terms of the issue. The company may raise capital through domestic or international offerings, including qualified institutional placements, preferential allotments, rights issues and private placements. Wheels India reported a net profit of INR 139 crore on revenue of INR 5,124 crore in the previous financial year.
The Board of Directors of Wheels India Ltd has approved a proposal to raise up to INR 400 crore through the issuance of equity shares and equity-linked securities in one or more tranches. The decision was taken at the Board meeting held on July 10 and is intended to provide the company with financial flexibility through multiple fundraising options.
According to the company, the proposed capital raise may be undertaken through domestic or overseas markets using a combination of public or private offerings, rights issues, preferential allotments, including Qualified Institutional Placements (QIPs), or other permitted modes of issuance.
The fundraising proposal includes the issuance of equity shares with a face value of INR 10 as well as equity-linked instruments. These may comprise convertible preference shares, non-convertible debt instruments with warrants, fully convertible debentures, partly convertible debentures and other securities that are convertible into equity shares, either individually or in combination.
To facilitate the proposed issue, the Board has authorised its Fundraise Committee to undertake the necessary steps for executing the transaction. The committee will determine the timing of the issue along with the pricing, structure, terms and conditions of the securities, subject to applicable regulatory approvals and statutory requirements.
The company has proposed raising funds in one or more tranches depending on market conditions and financing requirements. The aggregate value of the proposed fundraising will not exceed INR 400 crore.
Wheels India reported a net profit of INR 139 crore during the previous financial year on revenue of INR 5,124 crore.
The company is a manufacturer of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment. Its product portfolio also includes air suspension systems for trucks and buses, as well as industrial components supplied to the construction and wind energy sectors. Wheels India operates manufacturing facilities across Tamil Nadu, Maharashtra, Uttar Pradesh, Uttarakhand and Andhra Pradesh.
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