Spectrum Electrical Allots 16.2 Lakh Securities via Preferential Issue

Spectrum Electrical Industries Limited announced the allotment of 1,623,375 securities, comprising 1,373,625 equity shares and 249,750 warrants, through a preferential issue. The equity shares were issued at ₹2,002 each, raising ₹274.99 crore from five non-promoter allottees, including HDFC Mutual Fund schemes and Valuequest India Inflexion Fund. Additionally, 249,750 warrants were allotted to promoter Deepak Suresh Chaudhari at ₹2,002 each, with 25% upfront payment received. These warrants are convertible into equity shares within 18 months. The company has received in-principle approval from stock exchanges for this issuance.