Salasar Techno Engineering board approves raising Rs 82 cr from 4 FPIs

Salasar Techno Engineering on Wednesday said its board has approved a proposal to raise around Rs 82 crore through issuance of equity shares to qualified institutional buyers. The proposal was approved by the fund raising committee of the company's board at its meeting held on Tuesday, Salasar Techno Engineering said in a statement.

"The fund raising committee...has approved the issuance and allotment of 3,00,00,000 equity shares to qualified institutional buyers in present tranche at the issue price of Rs 27.30 per equity share (including a premium of Rs 26.30 per equity share), aggregating to Rs 81,90,00,000," it said.

There are four foreign portfolio investors (FPIs) who have been allotted the equity shares offered in the issue, it said.

The company said out of 3 crore shares, Forbes EMF will be allotted 45 per cent, Nomura Singapore 42 per cent, Maybank Securities PTE LTD 8 per cent and A G Dynamic Funds 5 per cent.

New Delhi-based Salasar Techno Engineering carries out engineering, designing, procurement, fabrication and galvanisation work for telecom players.