Praveg Limited Board Approves Rs 53.72 Cr Preferential Issue Through Equity Shares and Convertible Warrants

Further, the Board has approved the issuance of 11,00,000 convertible warrants on a preferential basis at an issue price of ₹275 per warrant to members of the Promoter and Promoter Group, aggregating approximately ₹30.25 crore. The proposed allotment comprises:

• Mr. Harsh Patel: 3,00,000 Convertible Warrants
• Ms. Nupur Patel: 3,00,000 Convertible Warrants
• Ms. Zalak Patel: 3,00,000 Convertible Warrants
• Mrs. Kamlaben Patel: 2,00,000 Convertible Warrants

Each warrant shall be convertible into or exchangeable for one fully paid-up equity share of the Company having a face value of ₹10 each, in accordance with applicable laws and regulatory provisions.

The proposed preferential issue will further strengthen the Company’s capital base, improve its balance sheet and provide greater financial flexibility to support its long-term growth plans.

Commenting on the Development, Mr. Vishnu Patel, Chairman and Managing Director, Praveg Limited, said, “The proposed preferential issue strengthens our capital structure through the conversion of debt into equity while further augmenting our capital base. This will enhance our financial flexibility and support the Company’s long-term growth strategy as we continue to expand our portfolio of eco-responsible hospitality destinations. 

We remain focused on pursuing disciplined growth while creating sustainable long-term value.”

About Praveg Limited

Praveg is a pioneer in eco-responsible luxury hospitality. The Company’s resorts are located in areas of significance from a cultural and heritage point of view and places of exotic and natural beauty. The company’s luxury resorts allow access to locations where no traditional construction is possible, which allows tourism to flourish while ensuring the preservation of delicate local ecosystems. Due to the premium quality of the company’s resorts and the high-end experience, the resorts enjoy very high occupancy, strong pre-sales at luxury hotel rates, and a high return on capital due to the non-permanent structure of the resort.

Praveg is also a strong player in events due to its roots in event management and expertise in creating large, non-permanent, world-class structures in very short periods of time. The Events division has recently diversified into Weddings and banquet hotels.

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