BGR Energy Systems Ltd has recently received approval from its board of directors to raise up to ₹1,000 crore through a rights issue. This move is aimed at increasing the company’s authorized share capital and altering its memorandum of association, subject to shareholders’ approval.
As per the latest announcement from the company on July 4, 2024, BGR Energy Systems Ltd. Board of Directors has decided to increase the authorized share capital from ₹100 crore to ₹1,700 crore.
Meanwhile, this increase is subject to shareholder approval. If approved, than new authorized share capital of BGR Energy Systems Ltd will be ₹1,700 crore.
BGR Energy Systems Ltd., as part of their board meeting on July 4, 2024, has taken the following actions concerning the Rights Issue and approvals:
Rights Issue Committee: BGR Energy Systems Ltd has formed a dedicated Rights Issue Committee consisting of members from their board of directors. This committee is entrusted with the responsibility of executing the Rights Issue process effectively.
Authorization of the Committee: The Rights Issue Committee has been granted comprehensive authority to carry out all necessary actions, decisions, and matters related to the Rights Issue. This includes determining the issue price, rights entitlement ratio, record date, timing, and payment terms, among other crucial aspects.
Shareholder Approval: The Rights Issue, along with the increase in authorized share capital and alterations to the Memorandum of Association, is contingent upon obtaining the necessary approval from the company’s shareholders.
BGR Energy Share Price Performance | NSE: BGRENERGY Stock to Watch
BGR Energy Systems Limited is an Indian multinational engineering and construction company headquartered in Chennai, India. It specializes in providing services for power, oil & gas, and process industries.
On July 4, 2024, BGR Energy Systems Ltd’s share price closed at ₹41.80 on the National Stock Exchange (NSE) of India. The share price closed at ₹41.80 on the NSE, with a gain of +0.96% compared to the previous close and trading range between ₹39.37 – ₹42.44.
BGR Energy Systems Ltd’s share performance has been quite volatile, with significant fluctuations over the years.
Overall: The current scenario shows positive impact in last month performance and past five days specially. The stock has experienced a downward trend in recent years, especially since hitting a 52-week high of ₹119.50. This decline can be attributed to various factors, including the company’s financial performance, industry-specific challenges, and broader market conditions.
Disclaimer: The above details are not financial advice. Please conduct your own research and consult with a financial advisor before making any investment decisions. The article is only for news, educational and information updates purpose only.