Cineline India approves issue of 27 lakh warrants at Rs. 130 per warrant

The board of directors of Cineline India Limited ("Company") in its meeting held today i.e., Tuesday, June 7, 2022, have, considered and approved issue of upto 27,00,000 (Twenty Seven Lakhs) warrants each convertible into, or exchangeable for, one equity share within the period of 18 (eighteen months) in accordance with the applicable law ("Warrants") at a price of ₹ 130/- (Indian Rupees One Hundred Thirty Only) each (including the warrant subscription price and the warrant exercise price) aggregating upto ₹ 35,10,00,000/- (Thirty Five Crores Ten Lakhs Only) to the Members of the Promoter Group (as listed in Annexure - A herein) ("Proposed Warrant Allottees" or " Warrant Holders") by way of preferential issue("Warrants Issue").

Upon issuance of Warrants an amount of ₹ 75/- (Indian Rupees Seventy Five Only) for each Warrants shall be payable by the Warrant holders at the time of subscription and allotment of each Warrant ("Warrant Subscription Price") and the balance ₹ 55/- (Indian Rupees Fifty Five Only) for each Warrants shall be payable by the Warrant holders on the exercise of the Warrants ("Warrant Exercise Price").

The board also approved the proposal for monetizing property of the Company viz. Eternity Mall located at Nagpur for a consideration of upto ₹ 60,00,00,000/- (Indian Rupees Sixty Crores Only) on such terms and conditions as maybe agreed upon by the Board ("Sale of Undertaking") and subject to necessary approval of the members of the Company in terms of applicable law.

Shares of Cineline India Limited was last trading in BSE at Rs. 143.80 as compared to the previous close of Rs. 146.10. The total number of shares traded during the day was 5063 in over 27 trades.

The stock hit an intraday high of Rs. 150.45 and intraday low of 142.25. The net turnover during the day was Rs. 742626.00.

Source : Equity Bulls

Keywords

CinelineIndia INE704H01022 FundRaising ConvertibleWarrants PropertySale EternityMall Nagpur