Rane Holdings Ltd increases stake in Rane (Madras) Ltd

Rane Holdings Ltd has acquired 8,49,978 equity shares of Rs. 10 each fully paid up (1.95%) in its subsidiary Rane (Madras) Limited (RML) arising on conversion of 8,49,978 warrants (partial conversion of the 25,49,936 warrants) into underlying equity shares. The overall shareholding stands increased to 99,72,816 shares (68.47%). The acquisition is pursuant to conversion of 8,49,978 warrants (convertible into equity shares) out of total 25,49,936 warrants held by the Company in RML. The balance 16,99,958 warrants are due for conversion on or before July 29, 2022.

RML is a subsidiary company of Rane Holdings Limited. RML shares are listed on BSE Limited and National Stock Exchange of India Limited.

The acquisition of 8,49,978 equity shares arises out of partial conversion of 25,49,936 Warrants issued on January 29, 2021 by way of preferential offer by RML to pursue capital expenditure programs, meet working capital requirements of the Company, support the overseas subsidiaries, reduce the debt position to an optimum debt - equity ratio. The warrant conversion ratio is 1:1, i.e. one equity share of Rs.10/- each fully paid of RML for every one warrant held by the Company in RML.

Shares of RANE HOLDINGS LTD. was last trading in BSE at Rs.570.35 as compared to the previous close of Rs. 570.6. The total number of shares traded during the day was 724 in over 167 trades.

The stock hit an intraday high of Rs. 587.05 and intraday low of 570.35. The net turnover during the day was Rs. 419929.

Source : Equity Bulls

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