Wheels India Limited says its board has approved a proposal to raise up to ₹400 crore through the issuance of securities, with the final structure subject to shareholder and regulatory approvals. The company plans to issue equity shares with a face value of ₹10 and/or equity-linked instruments, or a combination of both, in one or more tranches. Possible instruments include convertible preference shares, non-convertible debt instruments with warrants, fully or partly convertible debentures, and other securities that can convert into equity shares.
The company may raise the funds through domestic or foreign offerings, including public issues, private placements, rights issues, or preferential allotments such as a Qualified Institutions Placement (QIP). The board has also approved holding a postal ballot to obtain shareholder consent for the fundraising plan, including approving the draft postal ballot notice and related matters.
According to the company, its Fundraise Committee is authorised to determine timing, pricing, and other terms and conditions of the issuance. The proposal is subject to statutory and regulatory clearances and other approvals as required.
