Rama Steel Tubes Ltd to allot 14,65,000 shares on conversion of warrants

The Members of Acquisition and Allotment Committee of Rama Steel Tubes Ltd has accorded its approval/consent for issuance and allotment of 14,65,000 number of equity shares pursuant to conversion of 14,65,000 number of warrants convertible into equivalent number of equity shares to the person(s) belonging to Non-Promoter Group on preferential basis after receipt of balance amount of 75% against each warrant towards full and final subscription amount for conversion of same into equity shares.

Post Conversion of warrants, the allottees are also entitled for 58,60,000 number of bonus shares reserved for outstanding convertible warrants in the ratio of 4:1 and accordingly 58,60,000 bonus equity shares are also been allotted on 14,65,000 equity shares post conversion of warrants.

Pursuant to above said allotment of Bonus Equity Shares as well as Equity Shares allotted pursuant to conversion of warrants, the issued and paid-up Equity Share Capital of the Company stands increased to Rs. 47,46,05,825/- divided into 47,46,05,825 equity shares of face value of Rs. 1/ - each.

The Bonus Equity Shares and Equity Shares allotted pursuant to conversion of warrants as stated above shall rank pari-passu in all respect and carry the same rights as the existing equity shares of the company including dividends and other corporate benefits, if any, declared by the Company after the said allotment.

Source : Equity Bulls

Keywords

RamaSteelTubes SharesAllotment WarrantsConversion NonPromoterGroup