Satani Bearings Ltd. to Raise Funds through Rights Issue and Increase Authorized Capital

Satani Bearings Ltd. has announced a proposal to raise funds through a rights issue of equity shares worth up to Rs. 50 Crore. The company's authorized capital will be increased from Rs. 20,00,00,000 to Rs. 35,00,00,000 divided into 3,50,00,000 Equity Shares of Rs. 10/- each. The fund raising is subject to the approval of shareholders and regulatory authorities. The company has also empowered the board to create charges, mortgages, and hypothecation on its properties up to Rs. 500 Crores. The borrowing powers have also been increased to the same limit. The company has appointed various intermediaries for the proposed right issue.