WardWizard Innovations and Mobility, a maker of electric two-wheelers, announced that its board approved a proposal to raise Rs 1,230 crore via the issuance of instruments or securities.
The company’s board approved the proposal on December 6, 2022.
WardWizard stated in a regulatory filing that it approved the raising of the amount or its equivalent in rupees via issuance instruments or securities. This includes fully or partially convertible debentures, American Depository Receipts (ADRs), qualified institutional placement (QIP), Global Depository Receipts (GDRs), or any combination thereof in one or more tranches.
It added that the proposal will be considered further subject to shareholder approval and receipt of any other regulatory or governmental approvals.
It was stated that a fund-raising committee consisting of the managing director of the company and two independent directors was formed for this purpose. The CFO will also attend meetings as an invited guest.
The board also approved Avishek Kumar’s appointment as an independent, non-executive additional director for a five-year period. This will take effect on December 6, 2022. All approvals are required.