PVV Infra aims to raise ₹49 crore through rights issue for solar power expansion

The company’s board of directors approved many key decisions in a meeting held on Tuesday 31 Dec ‘24, including the rights issue, which will provide the existing shareholders with an opportunity to participate in the company’s growth. The specifics of the issue, including the price, entitlement ratio, and record date, will be finalised in due course, subject to regulatory approvals, said the company.

To support future growth, the Board also increased the authorised share capital from ₹60 crore to ₹120 crore, subject to shareholders’ approval via a postal ballot.

Additionally, the Board approved alterations in the Object Clause of the Memorandum of Association to incorporate activities related to solar and wind energy systems, LED manufacturing, EV products and consultancy services, underscoring the company’s commitment to sustainability and green energy initiatives.

The company has also appointed Sunil Jagtap, an expert in green energy with over 22 years of experience in the solar and wind energy sectors, as an Additional Director. His extensive expertise is expected to greatly enhance the company’s renewable energy endeavours.

The Board also appointed Sambhu Prasad Hanumath Venkata Srinaga Mukkamala as the Secretarial Auditor for FY 2024-25. Furthermore, the Board approved the circulation of a postal ballot notice to seek shareholder approval for these critical decisions.

PVV Infra provides services encompassing engineering, design, planning, and execution of infrastructure projects. Additionally, it undertakes the ownership, construction, operation, and transfer of power generation facilities.