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Tuesday, July 23, 2024

BGR Energy to raise Rs. 1,000 crore through rights issue

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In Short:

BGR Energy Systems plans to raise ₹1,000 crore through a rights issue, with the exact record date and entitlement ratio still to be decided. They have formed a committee to oversee the issue and increased their authorised share capital. The company also intends to raise capital through various means. BGR Energy specializes in manufacturing and supplying balance of plant for power projects and reported a net loss in the previous year.

BGR Energy Systems Plans to Raise ₹1,000 Crore Through Rights Issue

Exciting news alert! BGR Energy Systems has announced its intention to raise a whopping ₹1,000 crore through a rights issue. The company shared this exciting development in a notice to the stock exchanges on Thursday. Hold onto your hats, folks!

Record Date and Entitlement Ratio Yet to Be Decided

Hold your horses, though. The record date for determining the eligible shareholders and the entitlement ratio of the issue are still up in the air. But fear not, as the company is working on finalizing these details soon.

New ‘Rights Issue Committee’ Formed

Breaking news! BGR Energy has formed a special ‘rights issue committee’ of the Board of Directors to oversee and manage the issue. Talk about taking bold steps towards growth!

Authorized Share Capital Gets a Boost

Wait, there’s more! In order to make the rights issue a reality, BGR Energy has gone ahead and increased its authorized share capital from ₹100 crore to ₹170 crore. Now that’s what we call setting the stage for success!

Company’s Sales and Financial Performance

Let’s talk numbers. In the fiscal year 2023-24, BGR Energy reported sales of ₹1,012 crore. However, the company also saw a ‘total comprehensive net loss’ of ₹755 crore during the same period. This is compared to a turnover of ₹806 crore and a loss of ₹487 crore in the previous year. Ups and downs are all part of the journey, right?

Market Reaction

How did the market react to this news, you ask? Well, on Thursday, the BGR Energy share with a face value of ₹10 closed at ₹42.03 on the BSE. This marked a ₹0.7 (1.69 per cent) increase from the previous close. Looks like investors are liking what they’re seeing!

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