The leading infrastructure construction firm Power Mech Projects Ltd board has approved raising funds worth Rs 350 crore.

During a meeting held on Friday, the company’s Board of Directors approved raising funds worth Rs 350 crore by issuing any instrument or security for cash, with or without the green shoe option.

This issuance not just includes equity shares but also fully or partially convertible debentures and any other equity-based instruments or securities, Global Depository Receipts, Foreign Currency Convertible Bonds, convertible preference shares, American Depository Receipts, and/or any other financial instruments and securities.

The board has also approved the notice for its 24th Annual General Meeting, which will be held on Thursday, 28 September, 2023.

The shares of this company have shot up by 99.4% so far during the 2023 calendar year and have gained over a whopping 210.4% in the last year, making Power Mech Projects a multi-bagger stock.