Transformers and Rectifiers (India) Ltd on Tuesday (February 18) said it has secured an order worth ₹166.45 crore from Hyosung T&D India Private Ltd. The contract involves the manufacturing and supply of single-phase coupling transformers and single-phase transformers for TBCB projects.
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“…we would like to inform you that Transformers and Rectifiers (India) Limited has secured orders of ₹ 166.45 Crore,” the company said in a stock exchange filing.
The execution of the order is scheduled for the next financial year. The company confirmed that its promoter group has no interest in the awarding entity.
Last month, Transformers and Rectifiers informed the exchanges that its board has approved the issue of one bonus share for every share held (1:1) by its shareholders. The bonus issue has been announced along with the company’s December quarter results, as well as a fundraising proposal.
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This is the first instance of Transformers and Rectifiers announcing a bonus issue of shares since 2013. Back then, the company had announced one bonus share for every nine shares held by shareholders.
Along with the bonus and the quarterly results, the board of Transformers and Rectifiers has also approved a fundraising proposal. The company intends to raise ₹750 crore by selling shares to eligible institutions through the qualified institutional placement route.
Shares of Transformers and Rectifiers (India) Ltd ended at ₹367.55, down by ₹15.15, or 3.96%, on the BSE.
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(Edited by : Shoma Bhattacharjee)
