Hittco Tools to Raise Funds via Preferential Issue, Incorporate UAE Subsidiary

Hittco Tools Limited's Board of Directors has approved several key proposals, including a preferential issue of equity shares and convertible warrants to raise up to ₹8,61,30,000 (₹86.13 Crore) and ₹10,06,00,000 (₹100.60 Crore) respectively. The funds will be utilized for proposed investments in other companies and potentially an acquisition. The company also plans to incorporate a wholly-owned subsidiary in the UAE. Additionally, the Board approved alterations to the Memorandum of Association to diversify into hospitality, F&B, vessel/automobile leasing, real estate, and stockbroking. The preferential issue of equity shares, at ₹14.50 per share, may lead to a change in control and promoter reclassification, subject to SEBI SAST regulations.