Nitin Fire Protection Industries has received an approval for sale/disposal/divestment/transfer of all or part of the shares in the company's subsidiary, namely, Nitin Ventures FZE, UAE. It has also received approval for sale/disposal/divestment/transfer of all or part of 40% shares in the company's associate - Worthington Nitin Cylinders. The board of directors at its meeting held on November 3, 2017 has approved for the same.
Further, the board also approved for raising funds by issuance of securities to Qualified Institutional Buyers up to Rs 500 crore on QIP basis; and/or raising funds by issuance of equity shares including convertible bonds/debentures/warrants/depository receipts up to Rs 500 crore on preferential basis.
Nitin Fire Protection Industries is a leading fire protection, safety, securities and intelligent building management system, high pressure seamless cylinder and refuelling systems company in India.