Rossell Techsys' Board approves plan to raise Rs 300 crore

Mumbai, Nov 10 (PTI) Aerospace and defence engineering solutions provider Rossell Techsys on Monday said its Board has approved a proposal to raise up to Rs 300 crore through various instruments, including QIP, to fuel its next phase of growth.

Rossell Techsys said it anticipates growth opportunities in its existing operations and continues to evaluate avenues for organic expansion.

Rossell Techsys Limited's Board of Directors has approved a fundraise of up to Rs 300 crores. The capital will be raised through the issuance and allotment of fully paid-up equity shares and/or other eligible securities, including through a Qualified Institutions Placement (QIP), in accordance with applicable law, the company said in a statement.

It has already initiated a postal ballot seeking shareholder approval, with e-voting scheduled from November 4 to December 3.

"This capital infusion will support the company's growth and capability expansion plans and strengthen our financial position, enabling us to continue building scale and serving our customers with excellence. We remain focused on prudent capital deployment and long-term value creation for all stakeholders," said Rishab Gupta, Managing Director, Rossell Techsys Limited.

The proceeds from the issue will be utilised towards capital expenditure, working capital requirements, general corporate purposes, and other purposes as may be permitted under applicable law, the company said. PTI IAS BAL BAL