Prime Industries is raising ₹11.86 crore through a preferential issue of 27,30,000 shares at ₹42 each, bringing in Omega Seiki Mobility founder Uday Narang as a strategic investor.
Narang is to receive 24,92,500 shares for an expected 11.32 percent stake, with investor Kushal Muchhal taking 2,37,500 shares for 1 percent.
The board has approved the issue, and it now goes to shareholders, with the e-voting cut-off set for 12 October.
The capital will support growth in defence, nuclear and precision manufacturing, including a proposed R&D and incubation centre for the Special Product Division.
Deepak Handa, who runs operations and business development at Omega Bright Steel in Narang's group, has joined the board as a non-executive director.
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