This auto stock approves conversion of warrants into equity shares - details
Warrant holders can convert them into an equal number of equity shares by paying Rs 14.25 within 18 months from the date of allotment of these warrants.
Pritika Auto Industries Ltd's board has considered and approved the conversion of 28,50,000 warrants into 28,50,000 equity shares with a face value of Rs 2 each to the “non-promoters/public category”, on a preferential basis.
The company informed the BSE that the board has "approved the allotment of equity shares on conversion of 28,50,000 warrants into 28,50,000 equity shares of the face value of Rs. 2/- each, to “Non-Promoters/Public Category”, on preferential basis, upon receipt of balance amount aggregating to Rs. 4,06,12,500/- (Rupees Four Crore Six Lac Twelve Thousand and Five Hundred only) at the rate of Rs. 14.25 (Rupees Fourteen and Paise twenty five only) per warrant (being 75% of the issue price per warrant) from the allottees pursuant to the exercise of their rights of conversion into equity shares in accordance with the provisions of SEBI (ICDR) Regulations, 2018 and list of allottees is enclosed as Annexure-l."
The company also said that the warrant holders can convert them into an equal number of equity shares by paying Rs 14.25 within 18 months from the date of allotment of these warrants. Warrants were allotted on March 16, 2023 with a right to subscribe to one equity share per warrant.
"Pursuant to members approval, these warrants were allotted, in terms of SEBI (ICDR) Regulations, 2018 to Non-Promoters/Public Category, on preferential basis, at an Issue Price of Rs. 19/- per warrant on payment of Rs.4.75 per warrant, being 25% of the Issue Price, entitling the warrants holders to get their warrants converted into equal number of Equity Shares of the Company by paying remaining 75% i.e., Rs. 14.25 within 18 months from the date of warrant allotment.
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"Consequent to today's conversation of warrants/allotment of Equity Shares, the issued and paid-up capital of the Company stands increased to Rs 18,30,45,000/-consisting of 9,15,22,500 equity shares of Rs. 2/- each," informed Pritika Auto Industries to the stock exchanges.
Pritika Auto Industries Limited, established on April 11, 1980, specializes in the production of tractors and automotive components.