Corporate News
Integra Switchgear Limited announced that its shareholders approved the preferential allotment of up to 26,66,667 equity shares to Independent Director Mr. JrMichael Joseph Commiskey for Rs 15 per share, resulting in a post-issue shareholding of 10,26,80,900 equity shares (50.17%) held by the Promoter/Promoter Group and 10,19,83,367 (49.83%) held by the public. Additionally, the company plans to acquire a 95.00% stake, comprising 1,65,93,000 shares, in Magnatech Co. Ltd, a South Korean company specializing in advanced batteries and energy storage, through a share swap involving the issuance of up to 19,91,16,000 equity shares of Integra Switchgear Limited at Rs 15 per share. The acquisition, valued at Rs 29,867.40 crore, is expected to be completed within 12 months and will expand Integra Switchgear’s presence in the electrical and power sector.