PVV Infra board approves to raise ₹49.50 crore though rights issue

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The board of PVV Infra Limited, which is into solar power rooftop installations among others, has approved raising up to ₹49.5 crore through a Rights Issue of fully paid-up equity shares with a face value of ₹10 each.

“The specifics of the issue, including the price, entitlement ratio and record date, will be finalised in due course, subject to regulatory approvals,” the company said in a stock exchange filing.

To support future growth and funding needs, the Board proposed increasing the authorised share capital from ₹60 crore to ₹120 crore subject to shareholders’ approval via a postal ballot. 

“Additionally, the Board approved alterations in the Object Clause of the Memorandum of Association (MOA) to incorporate activities related to solar and wind energy systems, LED manufacturing, EV products, and consultancy services,” the company said. 

Also Sunil Jagtap, with more than 22 years of experience in the solar and wind energy sectors, has been appointed as an Additional Director under the Executive Director category.