Pramara Promotions Limited has withdrawn its proposed preferential issue of equity shares and warrants. The decision follows prevailing market volatility and changes in equity share prices.
Pramara Promotions confirmed zero deviation in utilizing ₹46.91 Crore raised via preferential issues and warrant conversions. Funds were fully deployed for working capital, land, and corporate purposes.
Pramara Promotions approved a Rs. 127.46 Crore preferential issue of 34,92,000 convertible warrants. This capital raise will fund working capital and facility expansion.