BCL Industries approves 1.5 lakh warrants worth more than Rs 4 crore
In another development, BCL Industries said that the lease for the Jalalabad unit has been terminated as the board has decided to shut down the Bathinda edible oil unit.
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Distilleries company BCL Industries has said that its shareholders have converted 1.5 lakh warrants into equity shares after paying the remaining 75 per cent of the amount.
The company in an exchange filing said that about 42.59 lakh warrants are yet to be converted. The warrants were issued at a price of Rs 360 apiece. The company has now received the remaining 75 per cent balance among at Rs 270 apiece, aggregating to Rs 4.05 crore.
In another development, BCL Industries said that the lease for the Jalalabad unit has been terminated as the board has decided to shut down the Bathinda edible oil unit.
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It said that the edible oil segment is witnessing significant volatility and also facing margin pressure. This was mainly due to the reduced cultivation of local oil seeds. It said that a portion of the Bathinda edible oil segment will be shifted to the Bathinda distillery complex.
"The board has decided to terminate the lease for the Jalalabad unit and also shut down the Bathinda edible oil unit in the near future. A portion of Bathinda edible oil business will be shifted to the Bathinda distillery complex, where BCL has substantial land, power and other infrastructure," the filing read.
"A majority of the available power and utility available at the distillery site will be utilised in a 150 KLPD ethanol expansion for which the company has already applied for environmental clearance," it added.
Earlier, Kushal Mittal, joint MD of BCL Industries, in an exclusive interview with Zee Business had said that the existing ethanol plant in Bhatinda is functioning at 100 per cent capacity.
Meanwhile, BCL Industries shares on Wednesday closed in green with a nearly 1 per cent gain at Rs 546.10 on BSE.
BCL Industries is one of the largest grain-based manufacturers of Extra Neutral Alcohol (ENA) and ethanol in the country.
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