Prime Industries board approves INR 11.47 crore preferential issue
Prime Industries’ board has approved a preferential issue of 2.73 million shares at INR 42 each, with Uday Narang proposed 2.49 million shares and an 11.32% post-issue holding, subject to approvals.
Uday Narang proposed 11.32% stake
Prime Industries Limited’s board has approved a preferential issue of up to 2.73 million equity shares at INR 42 each to two non-promoter investors, aggregating INR 11.466 crore.
Uday Narang is proposed to receive 2.4925 million shares, while Kushal Muchhal is proposed to receive 237,500 shares. Filing-based disclosures indicate Narang’s holding would rise from about 0.92 per cent to 11.32 per cent after the proposed allotment. The issue remains subject to shareholder and other applicable approvals.
The transaction terms differ from a media release circulated on Narang’s behalf, which described an INR 11.86 crore fundraise as completed and referred to Narang acquiring a 10 per cent strategic stake. The release also led with a claim that Narang was trending at No. 1 in the Business & Finance category on X following the announcement.
Prime Industries’ board also approved an increase in authorised share capital from INR 35 crore to INR 40 crore and changes to its object clause covering automobiles, metals and research and development of precision-engineered components for nuclear and defence applications. These approvals allow the company to pursue such activities but do not by themselves represent operating revenue, customer orders or production capacity in those sectors.
The media release linked Narang’s investment to opportunities in advanced manufacturing, defence, aerospace and nuclear-related engineering. Prime Industries has not disclosed project-level capital expenditure, customer contracts, expected revenue contribution or an operating timeline for these proposed areas.
