PNN
Bengaluru (Karnataka) [India], February 24: Transteel Seating Technologies Limited (NSE: Transteel), a premier manufacturer of bespoke office furniture and installation solutions in India, has approved the issuance of 48.20 lakh fully convertible warrants on a preferential basis. The decision was approved by the Board of Directors of Transteel Seating Technologies in their meeting on February 12.
These warrants are convertible into an equivalent number of fully paid-up equity shares of Transteel Seating Technologies with a face value of Rs. 10 each within 18 months from the date of allotment.
The Warrants have been issued to select strategic investors in the "Non-Promoter, Public Category," including Century India Opportunity Fund PC, at an issue price of Rs. 80 per warrant. Transteel Seating Technologies has already received 25% of the issue price as a subscription amount, aggregating to Rs. 9.64 crore. The balance 75% of the warrant issue price will be payable upon conversion of the warrants into equity shares within the stipulated period.
Key Highlights:
* Transteel Seating Technologies approves issuance of 48.20 lakh fully convertible warrants on a preferential basis.
* Warrants will be convertible into fully paid-up equity shares within 18 months at Rs. 80 per warrant.
* The company reported a 7% revenue growth and an 11% increase in net profit for H1 FY 2024-25
Shiraz Ibrahim, Managing Director, Transteel Seating Technologies Limited, said, "This strategic capital infusion underscores investor confidence in our robust financial health, operational excellence and long-term growth prospects. The additional capital will empower us to drive product innovation and expand our market presence. Our investors' trust reaffirms our commitment to delivering sustained value and long-term profitability."
Transteel Seating Technologies continues to demonstrate strong financial performance, reinforcing its position as a trusted name in corporate and B2B furniture solutions. For the first half of financial year 2024-25 (April-September 2024), the company reported a revenue of Rs. 3,436.20 lakh, marking an increase of 7% compared to Rs. 3,125.68 lakh in the same period of FY 2023-24. The net profit surged to Rs. 463.65 lakh, representing an 11% growth from Rs. 417.65 lakh in the corresponding period of the previous year.
Transteel Seating Technologies remains committed to strengthening its industry leadership by delivering cutting-edge, customer-centric solutions in the workspace furniture segment.
About Transteel Seating Technologies Limited
Transteel Seating Technologies Limited (NSE: Transteel) is a leading manufacturer of bespoke office furniture in India, specializing in innovative, high-quality solutions for corporate and B2B spaces. Committed to excellence and long-term growth, Transteel provides stylish and durable furniture tailored to meet the needs of modern workspaces.
(ADVERTORIAL DISCLAIMER: The above press release has been provided by PNN.will not be responsible in any way for the content of the same)
Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor