This company’s shares in focus after it approves allotment of 2.11 crore equity shares | Check details here

Steel structure manufacturer Salasar Techno Engineering has informed the exchanges that the finance committee of the board of directors has approved the allotment of 21,180,000 fully paid-up equity shares, each with a face value of Re 1. This allotment comes upon the conversion of an equivalent number of fully convertible warrants into equity shares at an issue price of Rs 14.40. The shares have been allocated under the promoter category on a preferential basis, following the receipt of Rs 22.87 crore at a rate of Rs 10.80 per warrant.

According to the information provided, the equity shares have been allotted to Shashank Agarwal and Shalabh Agarwal.

Meanwhile, the stock opened at Rs 8.57 on the BSE, compared to the previous close of Rs 8.64, and later rose to a high of Rs 8.78.

As a result of this conversion of warrants and allotment of equity shares, the issued and paid-up capital of the company has increased to Rs 1,747,950,290, consisting of 1,747,950,290 equity shares of Re 1 each.

The newly allotted equity shares will rank pari passu with the existing shares of the company.

Additionally, the company noted that 32.5 million warrants are still outstanding for conversion, and warrant holders have the right to convert them within 18 months from the date of allotment.

In its Q4 results, Salasar Techno Engineering reported a 30% increase in consolidated net profit to Rs 19.31 crore for the March 2025 quarter, driven by higher revenues. This compares to a net profit of Rs 15.21 crore in the January-March period of the previous fiscal year, as noted in an exchange filing on Friday.

During the fourth quarter, the company’s total income rose by 32% to Rs 472.68 crore, up from Rs 358.42 crore in Q4 FY24.

Salasar Techno Engineering is a steel structure manufacturer and an engineering, procurement, and construction infrastructure company serving the telecom, energy, and railways sectors.

News