Essar Group-backed IT systems integrator Black Box raises Rs 410 crore
IT systems integrator Black Box has raised Rs 410 crore via preferential issue aimed towards expanding data centre infrastructure services globally and tap in the growing demand for AI computing.
The infrastructure provider which counts Amazon, Google, Microsoft as its clients is looking to invest in expanding data centre services to hyperscalers, multi-tenant data centre operators and large enterprise data centre, as well as connectivity and networking infrastructure. A portion of the funds will be allocated towards sales and business development in North America and emerging markets.
The company’s Board of Directors has approved the issuance of 98,32,123 fully convertible warrants, at a price of Rs 417 aggregating to Rs 410 crores, it said in an exchange filing on Friday.
The funding round has received Rs 200 crore from the existing promoters, Rs 200 crores from foreign institutional investors and high-net-worth individuals and Rs 10 crore by key management personnel of the company.
After the conversion of warrants into equity, promoter shareholding will be marginally lower from existing 71.1% to 69.8%, it said.
For the year ended March-24, Black Box reported a net profit of Rs 138 crore which grew 5.8 times on-year. Its earnings before interest, tax, depreciation and amortization were Rs 428 crore.
The company’s shares touched the upper circuit before trading was halted in early hours on Friday. The stock was up 4.99% to close at Rs 557.35 on BSE.
The Mumbai-based digital infrastructure integrator has
