Tilaknagar Industries' Promoter converts 4.28 million warrants into equity at Rs.73 per share

The Board of Directors of Tilaknagar Industries Ltd. in its Board meeting held on 19 March, 2012 approved the conversion of Convertible Warrants held by Mr. Amit Dahanukar- Promoter of the Company. The Board approved the allotment of 4,284,236 Equity Shares against conversion of warrants held at a premium of Rs. 63 per share (each warrant convertible into one equity share of face value of Rs. 10/- each).

The paid up share capital of the Company increased to Rs. 1,200,017,720 effective March 19, 2012 (post warrant conversion of 4,284,236 warrants and allotment of 248,282 shares in ESOP) and the promoter holding increased to 56.29% on the enhanced capital.

Commenting on these developments, Mr. Amit Dahanukar, Chairman & Managing Director, Tilaknagar Industries Ltd said, "TI is gaining healthy traction and is well placed in the IMFL space to leverage the strengths of our business model and thereby capitalize the opportunities in the industry. TI's growth potential over the years has multiplied on the back of its performance with regards volume growth and its strategic capability to channel growth into earnings for its stakeholders. The Company has evolved as key player in the IMFL space on account of its continued focus on 'premiumisation' and efforts to deliver brands pan-India by virtue of a robust distribution network. The outlook is promising as we not only grow our portfolio but also focus on expanding our business in various geographies. Thus given our commitment towards the success of the business and its scalability, we are confident of the growth potential that we foresee for TI on a sustained basis."

The Tilaknagar Industries Ltd. stock closed the day at Rs.59.30, up by Rs.0.10 or 0.17%. The stock hit an intraday high of Rs.60.70 and low of Rs.57.50.

The total traded quantity was 4.40 lakhs compared to 2 week average of 2.35 lakhs.

Source : Equity Bulls

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