AGC Networks Limited allots 33,33,334 warrants

The Members of AGC Networks Limited at their Extra Ordinary General Meeting held on Friday, December 11, 2020 have passed the Special Resolution for issue of 33,33,334 (Thirty Three Lakh Thirty Three Thousand Three Hundred and Thirty Four) Convertible Warrants ("Warrants") at a price of Rs. 675/- per Warrant with a right to the Warrant holders to apply for and be allotted 1 (One) Equity Share of the face value of Rs. 10/- each of the Company ("Equity Shares") at a Premium of Rs. 665/- per share for each Warrant within a period of 18 (Eighteen) months from the date of allotment of the Warrants, aggregating to Rs. 2,25,00,00,450/- (Rupees Two Hundred & Twenty Five Crore Four Hundred and Fifty Only) on Preferential basis.

The Company has received "In-principle Approval" for the issue of aforesaid Warrants from BSE and NSE on December 24, 2020 and December 29, 2020 respectively.

On receipt of the minimum Subscription amount equivalent to 25% of the Issue Price, the Board of Directors of the Company vide its Circular Resolution dated January 8, 2021 have allotted 33,33,334 Convertible Warrants to the following allottees:

Essar Telecom Limited - Promoter - 25,00,000 warrants
Onir Metallics Limited - Promoter Group - 8,33,334 warrants

In addition to the minimum subscription amount, the Allottees have paid additional amount aggregating to Rs. 17,13,39,887.50/- which has been adjusted against the balance premium amount in respect of 3,43,537 warrants.

Fully Paid-up Equity Shares of face value of Rs. 10/- each of the Company shall be allotted on receipt of balance amount for each Warrant within 18 Months from the date of allotment.

As the Company has allotted Warrants, currently there is no change in the Paid-up Equity Share Capital of the Company.

Shares of AGC Networks Limited was last trading in BSE at Rs.755 as compared to the previous close of Rs. 753.2. The total number of shares traded during the day was 541 in over 43 trades.

The stock hit an intraday high of Rs. 769.95 and intraday low of 716.3. The net turnover during the day was Rs. 402586.

Source : Equity Bulls

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