Vijay Singh
New Delhi [India], October 13: Elitecon International Limited has announced that its Board of Directors has approved a proposal to raise up to ₹1,000 crore through Qualified Institutions Placements (QIP), according to an exchange filing dated October 12, 2026.
The decision was taken at the company’s board meeting held on Monday, October 12, as part of its proposed capital-raising plans.
As per the regulatory filing, the company may issue equity shares or other eligible securities, including instruments convertible into or exchangeable for equity shares. The fundraising may be conducted in one or more tranches, subject to applicable regulations.
The company stated that the issue price, including any applicable premium, and other terms of the proposed placement will be determined by the board or an authorised committee, considering prevailing market conditions and regulatory requirements.
The proposed fundraising remains subject to shareholder approval through a special resolution, along with necessary statutory and regulatory clearances.
The company has not disclosed the proposed utilisation of funds, the number of securities to be issued or the timeline for completing the fundraising.
The proposed QIP could result in equity dilution for existing shareholders, depending on the final issue size, pricing and securities issued.
