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BusinessWire India
Mumbai (Maharashtra) [India], December 18: Sealmatic Ltd., listed on the Bombay Stock Exchange (BSE: BOM: 543782) is pleased to inform that it has received "In-Principle Approval" for the issue of 3,93,000 equity shares at Rs 637.10 per equity share from BSE. The preferential allotment involves the issuance of 3,93,000 equity shares at a price of Rs 637.10 per share to Non - Promoters on Preferential Basis. The In-Principle Approval shall be governed under regulation 28(1) of the SEBI (Listing Obligations & Disclosure Requirements), Regulations, 2015. For Sealmatic, this investment is poised to empower the company to accelerate its strategic goals, including the establishment of strategic business units in key regions such as the Middle East, Europe and the United States of America. Additionally, the funds will facilitate targeted investments in high-growth API markets mainly in India & Middle East and drive the development of advanced mechanical seals for defense and nuclear applications, which include stern tube seals, primary reactor seals and API 682 4th Edition. These initiatives are pivotal for Sealmatic to strengthen its global footprint and also to compete effectively in international markets and other key areas of competence, which will result in long-term sustainable growth and profits for the company. Umar AK Balwa (Managing Director of Sealmatic) says; that the capital raised will be invested in expanding market and service/product capabilities in the Middle East, USA & Europe, which are expected to grow exponentially over the next 5 years, driven by the adoption of new technologies in the field of mechanical seals for critical API, Defense and Nuclear applications. Sealmatic, which already has a presence in the above sectors and regions, will invest in the value chain to become a dominant player, providing expanded products and services to oil & gas, refineries, petrochemical, defense, nuclear and other critical industries. (ADVERTORIAL DISCLAIMER: The above press release has been provided by BusinessWire India. ANI will not be responsible in any way for the content of the same)
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