APL Apollo Mart Ltd acquires 10 lakh shares of Shankara Building Products Limited

Shankara Building Products Limited has been informed that APL Apollo Mart Limited (wholly owned subsidiary of APL Apollo Tubes Limited), an entity not related to the Promoters of the Company has, bought today through stock exchange, 10,00,000 equity shares of 10 each (4.38% of the total paid up capital), at a price of 755 per share from Shri Sukumar Srinivas, promoter of the Company.

A meeting of the Board of Directors of the Company will be held on Thursday, 24 March, 2022 to consider the following:

- The Company is desirous of raising funds and as such wish to do so by way of preferential issue of share warrants. The Company has received a proposal from APL Apollo Mart Limited [wholly owned subsidiary of APL Apollo Tubes Limited) for subscription to preferential issue of 14,00,000 share warrants convertible into equity shares (which is 5.77% of fully diluted capital upon conversion]. APL Apollo Mart Limited has offered a price of Rs. 750 per warrant which is subject to the approval of the Board of Directors, Shareholders and other regulatory authorities, as may be required.

The price of proposed issue of warrants will be determined by the Board of Directors in pursuant to Regulation 164 and 166A ofSEBI (issue of Capital and Disclosure Requirements), Regulations, 2018 ("ICDR")

The "Relevant Date" for the purpose of issue of warrants on preferential basis in accordance with ICDR, if approved by the Board of Directors, shall be today, i.e., 215 March, 2022.

Shares of Shankara Building Products Limited was last trading in BSE at Rs. 819.75 as compared to the previous close of Rs. 748.45. The total number of shares traded during the day was 96322 in over 6553 trades.

The stock hit an intraday high of Rs. 838.10 and intraday low of 741.20. The net turnover during the day was Rs. 76657199.00.

Source : Equity Bulls

Keywords

ShankaraBuildingProducts INE274V01019 APLApolloMart MarketPurchase PreferentialIssue