W.S. Industries India Limited approves preferential issue

The Board of Directors of W.S. Industries India Limited at its meetings held on 28th October 2022 to review the operations of the Company and other general corporate matters approved the fund raising proposals.

The board approved increase in authorised share capital of the company from the present Rs.50,00,00,000 (Rupees fifty crore) divided into 3,50,00,000 (three crores fifty lakhs) equity shares of the face value of Rs.10/- (Rupees ten) each and 15,00,000 (fifteen lakhs) cumulative redeemable preference shares of the face value of Rs.100/- (Rupees one hundred) each to Rs.80,00,00,000 (Rupees eighty crores) divided into 6,50,00,000 (six crore fifty lakhs) equity shares of the face value of Rs.10/- (Rupees ten) each and 15,00,000 (fifteen lakhs) cumulative redeemable preference shares of the face value of Rs.100/- (Rupees one hundred) each and that Clause V of the Memorandum of Association be altered accordingly.

The board approved issue of 74,10,000 equity shares of face value of Rs. 10/- each fully paid-up ("Equity Shares") to certain identified Non-Promoters person/entities, on a preferential basis in accordance with Chapter V of the Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018 as amended (the "SEBI ICDR Regulations"), and other applicable laws, at a price of Rs. 40/- per Equity Share, subject to it being in compliance with the minimum issue price calculated in accordance with Regulation 164(1) of Chapter V for Preferential Issue under SEBI ICDR Regulations, subject to the approval of regulatory / statutory authorities and the shareholders of the Company.

The board also approved issue of 2,38,75,000 Convertible Warrants ("Warrants") of face value of Rs.10/- each to Promoter Group and certain identified Non-Promoters person/entities, on a preferential basis in accordance with Chapter V of the SEBI ICDR Regulations and other applicable laws, at a price of Rs. 40/- per Warrant on the terms and conditions i.e 25% of the total consideration of the Warrants shall be payable at the time of application and the balance would be payable at the time of conversion of the Warrants into Equity Shares. Each Warrant is convertible into 1 Equity Share and the conversion can be exercised at any time within a period of 18 months from the date of allotment, in one or more tranches, as the case may be. Subject to it being in compliance with the minimum price calculated in accordance with Regulation 164 of Chapter V for Preferential Issue under SEBI ICDR Regulations, subject to the approval of regulatory / statutory authorities and the shareholders of the Company.

Source : Equity Bulls

Keywords

WSIndustriesIndia FundRaising PreferentialIssue Warrants Promoters NonPromoters