GGEL board okays Rs 99-cr fundraising plan

New Delhi: GG Engineering Ltd (GGEL) on Monday said its board has approved fundraising of up to Rs99 crore through the allotment of convertible warrants on a preferential basis.The board of the company approved the fundraising plan at its meeting on April 2, GGEL said in a statement. The board approved “raising of funds by way of creating, issuing and allotting up to 75 crore fully-convertible warrants carrying a right exercisable by the warrant holder to subscribe to one equity share having face value of Re 1 per warrant, to persons belonging to promoter and non-promoter, public category on preferential basis at an issue price of Rs1.32 per warrant,” it said.