Patel Engineering Rights Issue will open for subscription from 14 February 2023. the company aims for an issue size of ₹324.92 Crores through this rights Issue.
About the company
Incorporated in 1949, Patel Engineering Limited is operating as a construction company specializing in the hydropower generation and irrigation segments. They are engaged in the construction of dams, bridges, tunnels, roads, piling works, industrial structures, and other kinds of heavy civil engineering work. One can assume the number of projects the company has undertaken given its presence of more than 7 decades in the industry. They have executed a variety of infrastructure projects in the hydropower, irrigation, water supply, urban infrastructure, and transportation segments primarily as civil contractors.
Patel Engineering Limited is an ISO 9001: 2015, ISO 14001:2015, and ISO 45001:2018 certified Company. The company has international licensors & contractors making them an ideal engineering solutions partner for a wide spectrum of services covering a variety of industries. Presently, the company’s construction operations revolve around:
- Hydropower projects including dams, tunnels, power-houses, and barrages;
- Irrigation and water supply projects including dams, weirs, and pump houses;
- Urban infrastructure projects & others including sewerage, micro tunneling and horizontal directional drilling, and pipelines; and
- Transportation projects including roads, bridges, flyovers, and tunnels for railways
Patel Engineering is able to undertake large-scale infrastructure projects with the help of its wide experience, technological abilities, and financial strength. This allows them a stronghold in the market and offers better offerings to their customers.
Objectives of the Issue
- Prepayment and/ or repayment of certain outstanding borrowings availed by our Company (including interest),
- general corporate purposes.
Rights Issue Timetable
| Last date to buy shares | 03 February 2023 |
| Record Date | 06 February 2023 |
| Credit of Rights Entitlements | 13 February 2023 |
| Bid/Offer Opens On | 14 February 2023 |
| Renunciation of Rights Entitlements | 22 February 2023 |
| Bid/Offer Closes On | 27 February 2023 |
| Deemed Date of Allotment | 06 March 2023 |
| Credit Date | 09 March 2023 |
| Listing Date | 10 March 2023 |
Patel Engineering Rights Issue Details
| Issue Open | Feb 14, 2023 – Feb 27, 2023 |
| Security Name | Patel Engineering Limited |
| Issue Size (Shares) | 257,872,409 |
| Issue Size (Amount) | ₹324.92 Crores |
| Issue Price | ₹12.6 per share |
| Face Value | ₹1 per share |
| Listing At | BSE, NSE |
| Terms of Payment | The entire amount is payable on the Application. |
| Entitlement | 1 Rights Equity Share for every 2 fully paid-up Equity Shares held as on the Record Date |
Company Financials
| Period Ended | Total Assets | Total Revenue | Profit After Tax |
|---|---|---|---|
| 31-Mar-21 | 8,087.10 | 2,103.93 | -272.93 |
| 31-Mar-22 | 8,510.14 | 3,496.50 | 68.63 |
Rights Issue Documents
Lead Manager(s)
- BOB Capital Markets Limited
- IDBI Capital Market Services Limited
Rights Issue Registrar
Link Intime India Private Ltd
Phone: +91-22-4918 6270
Email: pateleng.rights@linkintime.co.in
Website: https://linkintime.co.in/
Company Contact Information
Patel Engineering Limited
Patel Estate SV Road,
Jogeshwari (West),
Mumbai – 400 102
Phone: +91 22 2676 7500
Email: investors@pateleng.com
Website: http://www.pateleng.com/
Final Thoughts
Applying for the rights issue is purely a personal choice. make sure you make a detailed study about the company and rights issue before you make an investment decision.
Happy investing
