Ultracab's Strategic Expansion: A Power Play in the Cable Industry

Ultracab (India) Ltd has announced a Rs. 4981 lakh rights issue opening for subscription from January 28, 2025. The funds raised will support its growth strategy, reinforcing financial stability and market expansion. Promoters Nitesh Vaghasiya and Pankaj Shingala lead the initiative to secure the company's sustainable future.

In a strategic move to solidify its market position, Ultracab (India) Ltd has launched a rights issue worth Rs. 4981 lakh, which commenced on January 28, 2025, and closes on February 11, 2025. Offered at a compelling Rs. 14.5 per share, this initiative aims to bolster the company's financial health and market reach.

The rights issue reflects a robust financial performance, with Ultracab recording a net profit of Rs. 598 lakh and revenues of Rs. 12439 lakh for FY24. Prominent company promoters, Nitesh Vaghasiya and Pankaj Shingala, have committed to subscribing to their full rights entitlements, underscoring their confidence in Ultracab's growth trajectory.

The funds will be channeled towards loan repayment, working capital augmentation, and other corporate needs. Ultracab, with its extensive client portfolio across 29 countries, including major companies such as BHEL, NTPC, and Reliance, underscores its dedication to innovation and sustainability in the cable industry.

(With inputs from agencies.)