Ruchira Papers Limited allots 28,80,000 convertible warrants

Pursuant to Special Resolution passed by Shareholders of the Company and In-Principle approval obtained from BSE and NSE, the Allotment Committee of the Board of Directors of Ruchira Papers Limited at its meeting held today i.e., 5th April 2021 has issued and allotted 28,80,000 Share Warrants Convertible into Equity Shares at a price of Rs. 62.00/- per Warrant to the persons belonging to the Promoters/Promoter Group entities, entitling them for the subscription of equivalent number of equity shares of face value Rs. 10/- each (at a premium of Rs. 52.00/- per share).

The Company has received the upfront payment of 25% of total consideration as per the terms of the preferential issue. Each warrant is convertible into one (1) Equity Share and the conversion option can be exercised by Warrant holder(s) at any time during the period of Eighteen (18) months from the date of allotment of Warrants, in one or more tranches, as the case may be and on such other terms and conditions as applicable. Further as the Company has allotted the Convertible Warrants, there is no change in the paid-up equity share capital of the Company.

Shares of RUCHIRA PAPERS LTD. was last trading in BSE at Rs.63.3 as compared to the previous close of Rs. 62.9. The total number of shares traded during the day was 5511 in over 176 trades.

The stock hit an intraday high of Rs. 65 and intraday low of 62.6. The net turnover during the day was Rs. 352126.

Source : Equity Bulls

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