Aequs to receive ₹650cr from promoter group via convertible warrants
Aequs Ltd. which works in aerospace and consumer business, is set to get a ₹650 crore boost from its own promoter group.
This fresh funding comes as their aerospace order book has shot past $1 billion, a big milestone.
The money will come through convertible warrants issued to Mellwood Trustee Services, a company linked to Aequs's promoters.
Aequs to receive ₹325cr upfront
Half of the funds, ₹325 crore, will be paid upfront when the warrants are allotted, ticking all regulatory boxes.
Once everything's converted, the aggregate holding of the promoter and promoter group in the company will rise slightly from 59.09% to 60.73%.
The cash will help grow Aequs's Hosur facility, invest in its subsidiaries, and cover general business needs.
All that's left is shareholder approval and other statutory and regulatory clearances at their Extraordinary General Meeting on October 22.