GG Engineering board approves Rs 99 cr fundraising plan; appoints Anshu Jain as CEO

New Delhi: GG Engineering Ltd (GGEL) on Monday said its board has approved fundraising of up to Rs 99 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 Rs 1.32 per warrant," it said.

However, the proposal aggregating up to Rs 99 crores for cash is subject to shareholders' approval and other statutory approvals, the company said.

The board also appointed Anshu Jain as whole-time director and Chief Executive Officer (CEO) of the company for a period of five years commencing from September 2, 2023, till September 1, 2028.

Virender Sharma has been appointed as Chief Financial Officer (CFO) of the company effective September 2, 2023.