Malabar India Fund Ltd to invest in XPRO India Ltd

XPRO India Ltd has entered into a Securities Subscription Agreement (SSA), with Malabar India Fund Limited, a category I Foreign Portfolio Investor for subscription of securities (Warrants) of the Company.

The Investor shall be entitled to subscribe to upto 16,40,000 Warrants at an Issue Price of Rs. 762 (Rupees Seven Hundred Sixty Two only) per warrant including a premium of Rs. 752 (Rupees Seven Hundred Fifty Two only). Each warrant, upon being fully paid up within eighteen months from date of allotment, shall be converted into one Equity Share of Rs. 10 face value.

Upon full conversion of Warrants into Equity Shares, the Investor shall have the right to nominate a fit and proper representative to be appointed as a non-executive, non-independent Director (the "Investor Director"). In the event that the shareholding of the investor in the Company, calculated on a Fully Diluted Basis, falls below 10% (ten percent) of the Equity Share capital of the Company, the right of the investor to appoint the Investor Director to the Board shall immediately fall away.

Shares of Xpro India Limited was last trading in BSE at Rs. 931.35 as compared to the previous close of Rs. 937.35. The total number of shares traded during the day was 1612 in over 140 trades.

The stock hit an intraday high of Rs. 946.00 and intraday low of 891.00. The net turnover during the day was Rs. 1494885.00.

Source : Equity Bulls

Keywords

XproIndia INE445C01015 Investment FundRaising Warrants MalabarIndiaFund