Wheels India board approves fundraising plans of up to ₹400 crore

The Board of Directors of Wheels India on Friday considered and approved fundraising plans for an aggregate amount of up to ₹400 crore.

The funds are to be raised by way of issuance of equity shares of face value ₹ 10 and/or equity linked instruments, including convertible preference shares, non-convertible debt instruments along with warrants and other such modes in one or more tranches. This will be in the in one or more foreign markets and/or domestic markets, through public/private offerings and/or rights offering or also by way of preferential allotment (including Qualified Institutions Placement).

The Board has authorised the fundraise Committee of the Board to inter-alia take necessary steps including deciding the timing, price, terms and conditions of the issuance of the securities.

Wheels India registered a net profit of ₹139 crore last year on revenues of ₹5124 crore.

Wheels India is a leading manufacturer of wheels for trucks, agricultural tractors, passenger vehicles and construction equipment; air suspension systems for trucks and buses, and industrial components for the construction and windmill industry with manufacturing plants in Tamil Nadu, Maharashtra, Uttar Pradesh, Uttarakhand and Andhra Pradesh.