Varroc Engineering Limited allots 1,79,74,870 Equity Shares at ₹ 389 per Equity Share

The Committee of Varroc Engineering Ltd. at its meeting held today i.e. March 25, 2021 has, determined and approved the allocation of 1,79,74,870 Equity Shares at an Issue price of ₹389 per Equity Share which is at a discount of ₹6.41 per Equity Share i.e. 1.62% to the floor price of ₹ 395.41 per Equity Share, in accordance with the SEBI ICDR Regulations] (including a premium of ₹ 388 per Equity Share) upon the closure of the Issue, determined according to the formula prescribed under Regulation 176 of the SEBI ICDR Regulations, for the Equity Shares to be allotted to the eligible QIBs in the Issue.

Pursuant to the receipt of applications from the Eligible qualified institutional buyers (QIBs) the committee has approved the closure of the Issue today i.e. March 25, 2021.

The committee also approved the confirmation of allocation note to be sent to eligible QIBs, intimating them of the allocation of Equity Shares pursuant to the Issue.

Shares of Varroc Engineering Ltd was last trading in BSE at Rs.368.8 as compared to the previous close of Rs. 380.2. The total number of shares traded during the day was 40939 in over 1649 trades.

The stock hit an intraday high of Rs. 389.65 and intraday low of 366. The net turnover during the day was Rs. 15415074.

Source : Equity Bulls

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