The Board of Directors of Wheels India, at its meeting held today, approved a proposal to raise up to ₹400 crore through the issuance of equity shares with a face value of ₹10 and/or equity-linked instruments.
The proposed fundraise may include convertible preference shares, non-convertible debt instruments with warrants, fully convertible debentures, partly convertible debentures, and/or any other securities convertible into equity shares, or a combination thereof. The securities may be issued in one or more tranches through domestic and/or international offerings, including public issues, private placements, rights issues, preferential allotments (including Qualified Institutions Placement), or a combination of these routes.
To facilitate the proposed issuance, the Board has authorised its Fundraise Committee to take the necessary steps, including determining the timing, pricing, terms and conditions of the issue.
Wheels India reported a net profit of ₹139 crore on revenues of ₹5,124 crore in the last financial year.
