NCC Ltd allots 70 lakh shares

The Executive Committee of the Board at its meeting held today allotted 70,00,000 Equity Shares of Rs.2/- each at a premium of Rs.57/- to Sri U Sunil, one of the Promoter Group shareholders of the Company consequent to the exercise of 70,00,000 warrants held by him.

The allotment has been made for cash, upon the receipt of the remaining exercise price of Rs.44.25 per warrant (being the amount equivalent to the 75% of the warrant issue price of Rs.59/-) aggregating to Rs.30,97,50,000/-. These equity shares allotted on exercise of the warrants shall rank pari passu in all respects with the existing equity shares ofthe Company.

With the above conversion/allotment, all the Convertible Warrants which were issued by the Company are fully converted into equity shares and no warrants are pending for conversion. Post allotment of the equity shares, the Paid-up Equity Share Capital of the Company stands increased from Rs. 124,16,93,176/- (62,08,46,588 equity shares of Rs. 2l each) to Rs. 125,56,93,176/- (62,78,46,588 equity shares of Rs. 2/- each).

Shares of NCC Limited was last trading in BSE at Rs. 55.20 as compared to the previous close of Rs. 54.20. The total number of shares traded during the day was 260789 in over 2312 trades.

The stock hit an intraday high of Rs. 55.85 and intraday low of 53.15. The net turnover during the day was Rs. 14210609.00.

Source : Equity Bulls

Keywords

NCC INE868B01028 SharesAllotment WarrantsConversion