Sealmatic India Ltd Secures BSE Approval for Strategic Expansion

Sealmatic India Ltd has received approval from BSE to issue 3,93,000 equity shares to non-promoters, aiming to fund strategic expansions and investments. The company plans to establish units in key global regions and invest in high-growth markets, particularly focusing on advanced mechanical seals for defense and nuclear applications.

Sealmatic India Ltd has announced that it has secured "In-Principle Approval" for issuing 3,93,000 equity shares at Rs 637.10 per share from the Bombay Stock Exchange. This preferential allotment to non-promoters is in line with the company's strategic direction to enhance and expand its global market presence.

The funds raised through this equity issue will be pivotal in accelerating Sealmatic's growth by establishing strategic business units in the Middle East, Europe, and the USA. The investment also targets growth in high-demand API markets in India and the Middle East, alongside the development of advanced mechanical seals vital for defense and nuclear industries.

According to Mr. Umar AK Balwa, Managing Director of Sealmatic, the capital influx will empower the company to expand its market and service capabilities significantly over the next five years. Sealmatic, which already has a presence across crucial sectors, seeks to solidify its position as a dominant player in industries like oil & gas, refineries, petrochemicals, defense, and nuclear sectors.

(With inputs from agencies.)