Wheels India Limited says its board has approved a plan to raise up to ₹400 crore through the issuance of equity and other equity-linked or debt-linked securities. The company can issue equity shares with a face value of ₹10 and/or equity-linked instruments, in one or more tranches, subject to regulatory and shareholder approvals. The securities proposed include convertible preference shares, non-convertible debt instruments with warrants, fully or partly convertible debentures, and other instruments that may be converted into equity shares.
The company also plans to conduct a postal ballot to seek shareholder approval. As part of this process, it will approve the draft postal ballot notice and related matters. The board has authorised its fundraise committee to determine the timing, pricing, and specific terms and conditions for the issuance. According to the company’s filing, the fundraising can be carried out through domestic or foreign offerings, including public issues, private placements, rights issues, or preferential allotments such as Qualified Institutions Placements (QIP), depending on applicable regulations and the outcome of shareholder consent.
