Patil Automation Board Approves Rs 96.38 Crore Preferential Fund Raise

Patil Automation's board of directors met and gave its nod to a preferential issue worth Rs 96.38 crore. The capital infusion is intended to support the company's growth plans and improve its balance sheet. Under the preferential route, existing shareholders will be offered the new shares before any public placement, allowing them to maintain their ownership proportion. The board did not disclose the exact allocation of the raised funds, but said it would be used for expanding production capacity and research initiatives. The approval marks a significant step for the automation firm as it seeks to capture rising demand in the Indian manufacturing sector.