Fiberweb India Ltd proposes issue of 1800000 warrants

Fiberweb India Ltd proposes to issue and allot 1800000 convertible equity warrants of Rs. 10/- each at an issue price of Rs. 181/- each (including an premium amount of Rs. 171/- each) aggregating to Rs. 32.58 crores (Rupees Thirty-Two crore Fifty-Eight lacs only) or at such higher prices as may be determined in compliance with Chapter VII of the SEBI (ICDR) Regulations, 2009 on Preferential Basis to the Promoters/ Promoter Group of the Company and to the Strategic Investors, not forming part of the Promoter Group of the Company.

The main object of the issue of convertible warrants shall to augment resources for meeting its business requirements, expansion plans of its manufacturing facilities; to meet long working capital requirements of the Company; to invest in marketable securities; to invest in wholly owned subsidiaries; to grant loans/ICD & repay any loans/ICD taken by the Company; other general corporate purpose. The proceeds of the issue may be used for either or any one or more purposes collectively.

Shares of FIBERWEB (INDIA) LTD. was last trading in BSE at Rs.192.95 as compared to the previous close of Rs. 187.25. The total number of shares traded during the day was 50376 in over 575 trades.

The stock hit an intraday high of Rs. 198 and intraday low of 191. The net turnover during the day was Rs. 9755191.

Source : Equity Bulls

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