VIP Clothing Ltd to issue 1,01,50,000 warrants

The Board of Directors of VIP Clothing Limited ("Company") in its meeting held today i.e., Friday, December 9, 2022, have considered and approved the issue of upto 1,01,50,000 (One Crore One lac Fifty thousands) 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 Rs. 42/- (Indian Rupees Forty-Two Only) each (including the warrant subscription price and the warrant exercise price) aggregating upto Rs. 42,63,00,000/- (Indian Rupees Forty-Two Crores Sixty-Three lacs Only) to the specified Promoter(s) and Members of the Promoter Group and Non-promoter persons by way of preferential issue.

Upon issuance of Warrants an amount of Rs. 10.50/- (Indian Rupees Ten and paise Fifty 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 Rs. 31.50/- (Indian Rupees Thirty-One and paise Fifty Only) for each Warrants shall be payable by the Warrant holders on the exercise of the Warrants ("Warrant Exercise Price").

In the event that, a Warrant Holder does not exercise the Warrants within a period of 18 (Eighteen) months from the date of allotment of such Warrants, the unexercised Warrants shall lapse and the amount paid by the Warrant Holders on such Warrants shall stand forfeited by Company.

Shares of VIP Clothing Limited was last trading in BSE at Rs. 47.60 as compared to the previous close of Rs. 45.35. The total number of shares traded during the day was 954272 in over 3329 trades.

The stock hit an intraday high of Rs. 47.60 and intraday low of 45.15. The net turnover during the day was Rs. 45054859.00.

Source : Equity Bulls

Keywords

VIPClothing INE450G01024 FundRaising ConvertibleWarrants