Electrosteel Castings said it plans to raise ₹50 crore through a preferential issue of shares.
The board of directors on Wednesday said it has approved a proposal to allot 2.747 crore shares at ₹18.20 a share to Shree Khemisati Constructions Pvt Ltd, Global Exports, Mayank Kejriwal, Asha Kejriwal and Beigrave Investment Fund.
Shares of Electrosteel Castings slumped 3.97 per cent at ₹14.26 on the BSE.