Navin is raising 750 cr by issuing shares.
They have not diluted their equity in last 10 years (may be more but screener shows only 10 years). Despite record profitability in FY23 and huge ongoing capacity expansion, they are feeling a need to raise money through equity.
May be they want to reduce their borrowing which has shoot up in FY23. Or may be they are seeing huge opportunities and getting ready to address for them … time will tell.
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