The shares of a micro-cap electrical equipment manufacturer hit a 5% upper circuit during Monday’s trading session after the Board approved to raise ₹52.93 crores funds through the issuance of equity shares on a preferential basis and fully convertible warrants.
Share price variations:
With a market capitalization of Rs. 293.24 crores, Akanksha Power and Infrastructure Ltd shares touched the 5% upper circuit of Rs. 158.35 from Friday’s close of Rs. 150.85 per share.
Reason for Rise:
As per the exchange filings, Akanksha Power and Infrastructure Ltd’s Board has approved raising funds through the issuance of 23,84,000 equity shares with a face value of ₹10 each on a preferential issue basis via a private placement offer, at an issue price of ₹144 per share, aggregating up to ₹34.32 crores.
The Board has also approved the issuance of 12,92,000 fully convertible warrants at an issue price of ₹144 per warrant, with the right to convert into equity shares within a period of 18 months from the date of allotment, aggregating up to ₹18.60 crores.
Financial Performance:
For FY24 the company reported a net profit decrease of 8.59% to Rs. 2.66 crores compared to net profit of Rs. 2.91 crores in FY23, while revenue from operations increased by 15.55% to Rs. 53.26 crores from Rs. 46.09 crores in comparison to the same period.
Recent orders Received:
Later in August the company received an order from Ashoka Buildcon Limited for the supply of Power Quality Solution for a cost of Rs.23.66 crores and entered into a MoU to purchase its product line along with the technology from an MNC n to expand its PQS segment.
In June the company received an order from Megha Engineering & Infrastructures Limited for the manufacturing and supply of 11kV metering cubicles for a project cost of Rs. 17.27 crores.
About the company:
Established in 2008, Akanksha Power and Infrastructure ltd focus on delivering power quality solutions through PQS systems like APFC Panels, Tuned and de-tuned Harmonic Filters and AMI infrastructure with smart metres, and power quality measurement products having two manufacturing plants in Nashik and Maharashtra.
Company holds technical collaborations with ADD Group,Moldova for water and electricity metres , EMS and Power quality metres tie-up with Janitza, Germany and collaboration to supply metres and PQS products to Russia, through Matritca.
Written By: Joseph Pv
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