EPC company Salazar Techno Engineering Limited (STEL) has informed the exchanges that its board of directors will consider funding proposals to accelerate business growth and augment the company's financial resources.
„… raise funds, accelerate the growth of the business, and utilize the financial resources of the Company through the issuance of one or more instruments, including shares, convertible or non-convertible debt of any kind, or warrants or debt securities. ” through a preferred issue, private placement, rights issue or any other method or combination,” the company said in an exchange filing.
Earlier Saturday, the company's board of directors announced a proposal to merge the company with Hillview Infrabuild.
STEL said in a statement that a decision in this regard was taken at a meeting of the company's board of directors on Thursday.
Regarding the rationale for the merger, the company said that the proposed merger will simplify and streamline Salazar Techno Engineering's shareholding structure.
According to the statement, the proposed scheme of arrangement will also have a beneficial impact on the financial books of both companies, their shareholders, employees and other stakeholders.
STEL is a steel structures manufacturer and EPC infrastructure company with services across communications, energy and rail.