Paramount Communications Board Approves Rs.400 Crore QIP

Established in 1978 as a partnership firm, Paramount Communications Ltd. was named after Shyam Sunder Aggarwal and operated under the name and style of Paramount Cable Corporation. In 1985, Paramount Communications Ltd. was converted into a private limited company and continued to grow under the leadership of Shyam Sunder Aggarwal. The company expanded its operations to include not only cable services but also telecommunications, internet services, and media production. With a focus on providing high-quality services and innovative solutions, Paramount Communications Ltd. quickly became a trusted name in the industry. Under Shyam Sunder Aggarwal’s guidance, Paramount Communications Ltd. has continued to thrive and adapt to changing market conditions. The company remains committed to delivering exceptional value to its customers while maintaining a strong focus on innovation and growth.

Paramount Communications raising the Rs. 400 crore via QIP:

For an aggregate amount not to exceed Rs 400 crore or an equivalent amount thereof by way of one or more qualified institutions placement (QIP) or through any other permissible mode and/or combination thereof as may be considered appropriate under applicable law, Paramount Communications has been approved to raise funds through the issuance of equity shares and/or other securities convertible into equity shares (including warrants, or otherwise), fully convertible debentures, partly convertible debentures, non-convertible debentures with or without warrants, and/or convertible preference shares or any security convertible into equity shares (collectively, Securities) through permissible modes. At their meeting on August 8, 2024, the Company’s Board of Directors gave their approval.The board also resolved to raise the company’s authorized share capital from Rs. 80 crore, which was split into Rs. 35 crore equity shares valued at Rs. 2 each and 10 lakh redeemable preference shares valued at Rs 100 each, to Rs. 90 crore, which was split into 40 crore equity shares valued at Rs 2 each and 10 lakh redeemable preference shares valued at Rs 100 each.The board of Paramount Communications appointed Dhruv Aggarwal as President of Strategy, Tushar Aggarwal as President of Operations, and Parth Aggarwal as President of Marketing, respectively, effective October 1, 2024.

Paramount Communications stock movement:

In intraday today, the stock price for the company was Rs. 81.34 per share, which has declined by nearly 3% and is now trading at Rs. 79.20 per share.

Conclusion: Paramount Communications is the leading company in developing wires and cables, and the future looks very promising after raising funds from QIP.

Disclaimer: This blog has been written exclusively for educational purposes. The securities mentioned are only examples and not recommendations. It is based on several secondary sources on the internet and is subject to changes. Please consult an expert before making related decisions.