Share Market News: PTC Industries Grants Fundraising Through QIP

PTC Industries Limited has announced that its Board of Directors has approved a plan to raise up to Rs 700 crore through Qualified Institutions Placement (QIP).
“We wish to inform you that the Board of Directors of the Company, at its meeting held on today i.e July 13, 2024 has inter alia approved Raising of funds, aggregating up to Rs 700 Crores through Qualified Institutions Placement (“QIP”) in terms of Chapter VI of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018,” said the company in a regulatory filing on 13th July.
The company announced that it will suspend trading access to its securities throughout July, until 48 hours after the financial results for the quarter ending June 30 are declared.
Earlier, PTC Industries informed exchanges that its wholly owned subsidiary – Aerolloy Technologies Limited – has developed the most advanced casting technology for manufacturing Single Crystal and Directionally Solidified blades and vanes for Aero-engine and Industrial Gas Turbine applications.