Hittco Tools Ltd: Board Approves Fundraise, MOA Alteration, New Subsidiary

Hittco Tools Limited's Board of Directors has approved several key proposals, including altering the Main Objects Clause of the Memorandum of Association to diversify into hospitality, F&B, vessel/vehicle leasing, real estate, and stockbroking. The company also approved a preferential issue of up to 59,40,000 equity shares at ₹14.50 per share, aggregating up to ₹8,61,30,000 (₹8.61 Crore), and up to 1,00,60,000 convertible warrants. These actions are subject to shareholder and regulatory approvals. The preferential issue may lead to a change in control, triggering potential open offer requirements under SEBI SAST Regulations. Additionally, the company plans to incorporate a wholly-owned subsidiary in the UAE and make proposed investments in other companies.