Rane Madras Ltd converts 8,49,979 warrants into equity shares

The Issue and allotment of committee of the board of directors of Rane (Madras) Limited at their meeting held on January 11, 2022 has issued and allotted 8,49,979 equity shares of face value of Rs.10/- each fully paid-up pursuant to the exercise of 8,49,979 convertible warrants (conversion of the entire balance outstanding 8,49,979 warrants) by Rane Holdings Limited (RHL). The allotment has been made for cash, upon the receipt of warrant exercise price of Rs.176.475 per warrant (being balance 75% of issue price of Rs.235.30/- per warrant), aggregating Rs.15 Crores. These equity shares arising on conversion of the warrants, shall rank pari passu in all respects with the existing equity shares, including dividend, if any.

Shares of Rane (Madras) Limited was last trading in BSE at Rs. 411.00 as compared to the previous close of Rs. 416.55. The total number of shares traded during the day was 12420 in over 722 trades.

The stock hit an intraday high of Rs. 430.20 and intraday low of 407.30. The net turnover during the day was Rs. 5226504.00.

Source : Equity Bulls

Keywords

RaneMadras INE050H01012 WarrantsConversion RaneHoldings