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PG Electroplast shares surged over 17% in the past week, hitting a record high of Rs 820.75 after launching a Qualified Institutional Placement (QIP) to raise up to Rs 1,500 crore. The QIP, priced at Rs 705.18 per share, will lead to a 6.7% equity dilution, with funds allocated for working capital and loan repayment.
PG Electroplast has launched a Qualified Institutional Placement (QIP) to raise up to Rs 1,500 crore at a floor price of Rs 705.18 per share, resulting in a 6.7% equity dilution. The funds will be allocated for working capital, loan repayment, and general corporate purposes, as the company anticipates significant growth opportunities.
PG Electroplast"s shares are in focus following a definitive agreement between its subsidiary, PG Technoplast, and Spiro Mobility to manufacture electric vehicles in India. PG Technoplast will handle the setup and management of manufacturing facilities for EVs and lithium-ion batteries, while Spiro will oversee research, marketing, and distribution of the products.
Medplus Health, PG Electroplast, Shilpa Medicare, Themis Medicare, and Waaree Energies are set to be in focus on Tuesday due to significant market activities. In quarterly earnings, Godavari Biorefineries reported a widened loss of Rs 75 crore for Q2, compared to a loss of Rs 65.1 crore in the previous year.
PG Electroplast is entering the electric vehicle market in India through its subsidiary, PG Technoplast, in partnership with Africa's leading EV company, Spiro Mobility. The collaboration aims to enhance the EV landscape in emerging markets, with PG Technoplast responsible for manufacturing electric vehicles, Lithium-Ion batteries, and related components. This venture is expected to drive significant growth for PG Electroplast in India's EV sector.
PG Electroplast Limited
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PG Electroplast Limited
Themis Medicare Limited
MedPlus Health Services Limited
Shilpa Medicare Limited
Waaree Energies Limited
IND
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22:31 18.11.2024
PG Electroplast partners with Spiro Mobility to enter African EV market
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