Mathew Cyriac to subscribe for 3.96 crore warrants in Praxis Home Retail Ltd

The Board of Directors of Praxis Home Retail Ltd, at their Meeting held today, i.e. Thursday, June 22, 2023, has considered and approved the increase the Authorised Share Capital of the Company from the existing ₹81,30,00,000/- divided into 15,00,00,000 (Fifteen Crore) Equity Shares having face value of ₹5/- each and 6,30,000 (Six Lakh Thirty Thousand) Preference Shares having face value of ₹100/- each by addition of 5,00,00,000 (Five Crore) Equity Shares having face value of ₹5/- each to ₹1,06,30,00,000/- (Rupees One Hundred Six Crore and Thirty Lakh Only) divided into 20,00,00,000 (Twenty Crore) Equity Shares having face value of ₹5/- each and 6,30,000 (Six Lakh Thirty Thousand) Preference Shares having face value of ₹100/- each and consequent alteration in Clause V (a) of the Memorandum of Association of the Company relating to the share capital of the Company, subject to the approval of the shareholders at the ensuing Extraordinary General Meeting ("EGM").

The board approved amendments to the Articles of Association of the Company to include necessary provisions for allotment of warrants.

The board also approved isue of upto 4,00,00,000 (Four Crores) Equity Share Warrants, on a Preferential Basis, carrying an entitlement to subscribe for equivalent number of fully paid-up Equity Shares of the Company, at a price of ₹ 15.60/- (Rupees Fifteen and Sixty Paise only) per Equity Share (including a Premium of ₹ 10.60/- (Rupees Ten and Sixty Paise only) per Equity Share, for a total consideration of upto ₹ 62,40,00,000/- (Rupees Sixty-Two Crores Forty Lakhs only), to Mathew Cyriac (3,96,00,000 warrants and Naveen Jain (4,00,000 warrants).

Source : Equity Bulls

Keywords

PraxisHomeRetail FundRaising ConvertibleWarrants MathewCyriac