Exicom raises ₹259.41 cr via rights issue for debt reduction and expansion
has announced the completion of its
rights issue
, raising approximately ₹259.41 crore through the issuance of fully paid-up equity shares. The issue, which was open from July 15 to July 30, 2025, received subscriptions beyond the offered amount and reflects continued participation from shareholders, including strong backing from the promoters, the company said in its statement.
The offer included 18.14 lakh fully paid-up equity shares at ₹143 per share, on a rights basis in the ratio of 3 equity shares for every 20 held as of the record date, July 7, 2025. Of the total raised, approximately ₹120 crore was subscribed by the promoters.
Anant Nahata, Managing Director and CEO, Exicom, said, 'The capital raised will strengthen our balance sheet and support our expansion, particularly in international markets through Tritium. While Tritium's turnaround is taking time, we are in advanced discussions for several large global high-power charger deals that we believe can help change the course of the company. We will see this fully play out starting FY27."
"Back home, we remain strongly optimistic about the India opportunity, driven by the steady growth in EV adoption across the country. Our Harmony Direct 2.0 continues to gain traction, with early momentum translating into a strong sales pipeline. Meanwhile, Spin Air home chargers are securing consistent wins with leading OEMs, reinforcing trust in our technology and execution,' he added.
The company stated that the funds will primarily be used to reduce debt, with a target of achieving a debt-to-equity ratio of 1:4 by the end of FY26. The funds will also be directed toward general corporate expenses and expansion into markets including the United States, Europe, and Australia through its subsidiary Tritium.
Shiraz Khanna, Chief Financial Officer, Exicom, said, 'This Rights Issue marks an important step in enhancing our financial health. The capital raised will enable us to significantly reduce debt and support sustainable growth while maintaining prudent capital discipline.'
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