Precision Wires India Seeks ₹150 Crore via Preferential Issue Amid Copper Price Surge
Precision Wires India has issued a corrigendum to its Extra-Ordinary General Meeting (EGM) notice, which clarifies the utilization of proceeds from a proposed preferential issue of Compulsory Convertible Debentures (CCDs). The company plans to raise ₹150 crore for working capital requirements and expansion. The EGM is scheduled for September 5, 2026.
The allocation towards working capital amounts to ₹90 crore, which will be used to address rising raw material costs. This component aims to address the surge in LME Grade A copper prices, which have increased by 32% from the April 2025-March 2026 period to the April-June 2026 period. The average INR price of copper has risen to ₹13,01,240 per tonne, a 59% increase compared to the April-June 2025 average.
The expansion fund amounts to ₹60 crore, which will be used for capital expenditure on new plant and machinery and land acquisition. The company notes that actual amounts may deviate by +/- 10% based on management estimates. The preferential issue will result in minor dilution for existing shareholders upon conversion of CCDs into equity shares.