Paramount Cables to consider fundraising - Check details

Wire and cable manufacturer Paramount Communications has said that its Board of Directors will meet on August 8, 2024, to review and approve the unaudited financial results for the quarter ending June 30, 2024. Also, the board may consider raising funds through preferential shares and other means. 

"The Board will consider a proposal to raise funds through the issuance of various securities, such as equity shares, GDRs, ADRs, FCCBs, convertible securities, debentures, and preference shares. The potential fundraising methods include public issue, preferential allotment, private placement, QIP, or other permissible routes, all subject to regulatory and shareholder approval," the company said in an exchange filing.

Earlier, the wires manufacturer reported a 54 per cent rise in its consolidated net profit at Rs 22.03 crore in the December quarter of the current fiscal, boosted by higher income.

It had posted a net profit of Rs 14.32 crore during the October-December quarter in the preceding financial year, the company said in an exchange filing on Saturday. The company's total income rose to Rs 285.83 crore, up 29 per cent from Rs 221.99 crore in the year-ago period.