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Swaraj Suiting’s latest fundraising plan has come into discussion with the entry of Indian cricketers. Many players from Rohit Sharma to Tilak Verma have been included in the preferential share allotment of this SME company. The company’s shares have already given multibagger returns, and the new investment is believed to give a new impetus to its growth.
New Delhi. SME company Swaraj Suiting is in the news with a big fundraising plan, in which Indian cricketer Rohit Sharma, Shreyas Iyer’s father Santosh Iyer, and Tilak Verma have also joined. The company has prepared a list of 198 people for issuing shares on preferential basis, in which it is proposed to allot many cricketers also. Each cricketer is proposed to get 11,000 shares. This step is being considered a big step towards the expansion and financial strength of the company.
Rs 103 crore will be raised by issuing 43.76 lakh shares
Swaraj Suiting said in a filing to the exchange on November 25 that the board has approved the issue of 43.76 lakh shares at a price of Rs 236 per share. Through this the company will raise Rs 103.28 crore. Apart from this, the company has planned to raise another Rs 160.41 crore by issuing convertible warrants. These warrants can be converted into shares in future. After this fundraising, the company will have a strong financial base for capital expansion, new projects and business expansion.
Company will increase loan and borrowing limit
Along with raising funds, the company has also sought approval from shareholders for several financial proposals. This includes the right to give loans or provide guarantees up to Rs 75 crore to those institutions with which the directors of the company may be associated. The company has also proposed to increase its borrowing limit to Rs 1,000 crore. Besides, there is a preparation to increase the limit for making charge or mortgage on the company to Rs 1,000 crore. The final decision on all these proposals will be taken in the EGM to be held on 24 December.
Obsession in share price – 400% return and new high
Swaraj Suiting’s stock is continuously rising amid news of investment plans. On November 27, the stock closed 2.90 per cent higher at Rs 280 on the NSE and touched a 52-week high of Rs 287.45 during trading. The stock has increased by 43 percent in November alone, whereas it had increased by 20 percent in October. Till now it is trading 400 percent above the IPO price of Rs 56, which means it has given multibagger returns since listing. The company’s Q2 FY26 results were also strong. Revenue increased by 26 percent to Rs 204.16 crore and profit after tax (PAT) increased by 67 percent to Rs 23.66 crore.
