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Kingfa Science & Technology (India) Limited has announced an EGM to approve a preferential issue of 14,40,920 equity shares at INR 3,470 each, aiming to raise approximately INR 500 Cr from non-promoter institutional investors. The funds will significantly boost operations, allocated for: INR 187 Cr for Phase II factory construction, INR 44 Cr for an R&D/admin building in Chakan, INR 102 Cr for new plant machinery increasing capacity by 90,000 MT, INR 42 Cr for South India land acquisition, and INR 124.99 Cr for general corporate purposes. This will reduce promoter stake from 74.99% to 67.02%, increasing public float. The board endorses this strategic move.
All announcements from Kingfa Science & Technology (India) Limited