Micro-cap auto components manufacturer gains marginally after the company’s board approves raising of funds by way of preferential issue of compulsory convertible debentures for Rs. 45.48 Cr
At 10:45 a.m the shares of Autoline Industries were trading at Rs. 107.95 up 0.83 percent from its previous day close price and the market capitalization of the company is 420 Cr.
As per the company’s filing, the board of Autoline Industries has approved the raising of funds by way of preferential issue of up to 44,37,837 Compulsory Convertible Debentures for Rs. 45.48 Cr, carrying an interest rate at 12 % pa., at a price of Rs. 102.50 each convertible into or exchangeable for 1 fully paid-up Equity shares of the Company having face value of Rs. 10 (Rupees Ten only) at a premium of Rs. 92.50.
In addition to this raising of funds by way of preferential issue of upto 22,00,000 Convertible Warrants for Rs. 2.25 Cr, having face value of Rs. 10 at a price of Rs. 102.50 per Warrant to to Mr. Shivaji Akhade and Mr. Sudhir Mungase, Promoters and Directors of the Company and increase in authorised share capital of the company from 42 Cr to 46 Cr.
The company’s revenue increased by 14.31 percent from 568.43 Cr in FY22 to 649.75 Cr in FY23, accompanied by increasing profits of 7.69 Cr to 10.54 Cr.
The company has reported a return on equity(ROE) of 15.88 percent and a return on capital employed (ROCE) of 12.07 percent, it is constantly trying to improve its profitability ratios over the years.
Autoline Industries Limited is a prominent auto components manufacturer and supplier to OEMs and other automobile companies,it is engaged in manufacturing sheet metal components, sub-assemblies and assemblies, Foot Control Modules etc.
Written by: Bharath K.S
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