PVV Infra, a rooftop solar power installation company, has announced its plans to raise ₹49 crore through a rights issue to fund its solar power expansion. The company’s board of directors recently approved this decision, along with other key updates that highlight its commitment to sustainability and renewable energy initiatives.
The rights issue, which will give existing shareholders the opportunity to participate in the company’s growth, is a significant move towards advancing PVV Infra’s solar power projects. The specifics of the rights issue, such as the price, entitlement ratio, and record date, will be finalized soon, pending regulatory approvals.
In addition to the rights issue, the company’s board also approved an increase in the authorized share capital from ₹60 crore to ₹120 crore, subject to approval from shareholders via a postal ballot. This increase in capital will provide the company with the necessary financial resources to support its future growth and expansion plans.
Furthermore, the board approved amendments to the Object Clause of the Memorandum of Association to include activities related to solar and wind energy systems, LED manufacturing, EV products, and consultancy services. This diversification of activities underscores the company’s commitment to promoting renewable energy solutions and sustainable practices.
To enhance its expertise in the renewable energy sector, PVV Infra has appointed Sunil Jagtap as an Additional Director. With over 22 years of experience in the solar and wind energy sectors, Sunil Jagtap’s appointment is expected to bolster the company’s efforts in the renewable energy space.
Additionally, the board appointed Sambhu Prasad Hanumath Venkata Srinaga Mukkamala as the Secretarial Auditor for the fiscal year 2024-25. This appointment reflects the company’s commitment to transparency and good governance practices.
In conclusion, PVV Infra’s latest decisions reflect its dedication to advancing renewable energy solutions and sustainability practices. The company’s focus on solar power expansion, along with its strategic initiatives to strengthen its financial position and expertise in the renewable energy sector, will undoubtedly contribute to its long-term growth and success in the industry.
