Pavna Industries Limited, a leading player engaged in the business of manufacturing wide range of reliable and high-quality automotive parts for reputed OEMs, has announced that its board has approved raising of funds of up to INR 410.81 Crores by way of preferential issue of convertible warrants, subject to approval of shareholders and other regulatory authorities, as may be applicable. The proposed allotees include FIIs Unico Global Opportunities Fund Ltd, Nexpact Ltd., North Star Opportunities Fund VCC, Eminence Global Fund PCC, AG Dynamic Funds Ltd. amongst others.
The board further approved the Increase in Foreign Institutional Investor (FII) holding limits upto 49% of the paid-up equity capital/voting rights of the Company, subject to members and other applicable approvals.
Pavna Industries Limited is engaged in the business of manufacturing wide range of reliable and high quality automotive parts for reputed OEMs serving different vehicle segments including passenger vehicles, two-wheelers, three-wheelers, heavy and light commercial vehicles, and off-road vehicles. PAVNA is a well-established company in the South Asian automotive industry, with long history of innovation, technology, manufacturing and market leadership spanning over 50 years.