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| Exchange Disseminated Time | Cubex Tubings Ltd has announced that the Company has successfully completed preferential issue of 2.33 million equity shares and warrants at a price of Rs 48 per share / warrant aggregating to Rs 111.84 millions.
The details of the preferential issue are as follows:
a. 8.25 lac equity shares to strategic investors
b. 8.80 lac warrants to strategic investors (To be converted into equity shares)
c. 6.25 lac warrants to promoters (To be converted into equity shares)
The funds raised from the preferential issue will be used to finance major capacity expansion and working capital requirements of the Company.
Copper and copper alloy tubes, rods, strips, profiles and wires are used by the core sector and other critical industries such as thermal & nuclear power plants, refinery & petrochemicals, telecommunications, electrical & electronics, defence, condenser & heat exchangers, railways, automobiles, shipbuilding, sugar & distillery, oxygen plants, etc. The Company has a fair balance of private and public sector clientele including NTPC, GE Power, Siemens, MSEB, IOC, MICO, SAIL, Hindalco, Kirloskar, CSEB, MPSEB, Chittaranjan Locomotive Works, APGENCO, etc. The Company has been recording good financial performance and has hardly any debt.
Commenting on the preferential issue, Mr. P R Bhandari, Managing Director said, "We are quite pleased with the faith reposed by strategic investors in the capability of the company. We are implementing a major modernisation and expansion of capacity to meet the growing demand from user industries." |
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