Mathew Cyriac subscribes to 25 lakh warrants in Palred Technologies Ltd

The Board of Directors of M/s Palred Technologies Limited at its meeting held on Wednesday, the 19th January, 2022 through video conferencing has considered and approved the allotment of 25,00,000 convertible warrants at a price (i.e. the price including the Warrant subscription Price and the Warrant Exercise Price) of Rs. 128/- each ("Warrant Issue Price"), aggregating to Rs. 32,00,00,000 (Rupees Thirty-Two Crores Only), on preferential basis to Mr. Mathew Cyriac, non-Promoter of the company.

The Company has received 25% of the Warrant Issue Price i.e. Rs. 32/- against each Warrant, aggregating to Rs. 8,00,00,000 (Rupees Eight Crores Only) ("Warrant Subscription Price") from Mr. Mathew Cyriac.

The above allotment of Warrants entitles Mr. Mathew Cyriac to seek conversion of such Warrant(s) in one or more tranches, within a maximum period of 9 months from the date of allotment of Warrants, upon the payment of Warrant Exercise Price of Rs. 96/- per Warrant, equivalent to 75% of the Warrant Issue Price ("Warrant Exercise Price"), and be allotted 1 (one) fully paid-up Equity Share of the Company of face value of Re. 10/- each, at an issue price of Rs. 128/- per share (including premium of Rs. 118/- per share), against each Warrant.

Shares of Palred Technologies Limited was last trading in BSE at Rs. 260.80 as compared to the previous close of Rs. 248.40. The total number of shares traded during the day was 17392 in over 395 trades.

The stock hit an intraday high of Rs. 260.80 and intraday low of 246.95. The net turnover during the day was Rs. 4500918.00.

Source : Equity Bulls

Keywords

PalredTechnologies INE218G01033 FundRaising WarrantsIssue MathewCyriac NonPromoter