Jai Balaji Industries Ltd approves preferential issue to promoters

The Board of Directors of Jai Balaji Industries Ltd at its meeting held on Thursday, 15th December, 2022 which commenced at 10:00 a.m. and concluded at 11:00 a.m., have, considered and approved issue and allotment of upto 2,20,00,000 (Two crores twenty lakhs) warrants ("warrants") of the Company at a price of Rs. 45/- (Rupees Forty Five only) per warrant with a right to the warrant holders to apply for and be allotted 1 (One) Equity Share of the face value of Rs. 10/- (Rupees Ten only) each of the Company ("Equity Shares") at a premium of Rs.35/- per equity share for each warrant, for total amount upto Rs.99,00,00,000/- (Rupees Ninety nine Crores) within a period of 18 (Eighteen) months from the date of allotment of the warrant, to Hariaksh Industries Private Limited, Shri Keshrinandan Trade Private Limited and Shri Mahatejas Vinimay Private Limited all forming part of Promoter group on preferential basis ("Preferential Issue"), subject to the approval of the Members of the Company and such other regulatory / statutory authorities as may be applicable.

The warrant holders shall, subject to the SEBI (ICDR) Regulations and other applicable rules, regulations and laws, be entitled to exercise the warrants in one or more tranches within a period of 18 (Eighteen) months from the date of allotment of the warrant by issuing a written notice to the Company specifying the number of warrants proposed to be exercised. The Company shall accordingly issue and allot the corresponding number of Equity Shares of face value of Rs. 10/- (Rupees Ten only) each to the warrant holders.

An amount equivalent to at least 25% of the Warrant Issue Price shall be payable at the time of subscription and allotment of each Warrant and the balance 75% shall be payable by the Warrant holder(s) on the exercise of Warrant(s).

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 the Company.

Shares of Jai Balaji Industries Limited was last trading in BSE at Rs. 47.40 as compared to the previous close of Rs. 46.00. The total number of shares traded during the day was 21113 in over 282 trades.

The stock hit an intraday high of Rs. 48.00 and intraday low of 45.10. The net turnover during the day was Rs. 984357.00.

Source : Equity Bulls

Keywords

JaiBalajiIndustries INE091G01018 PreferentialIssue Promoters ConvertibleWarrants