Xpro India Ltd raises INR 125 Crores in equity resources upon conversion of warrants issued to the Malabar India Fund Ltd

Xpro India Limited ("Xpro") has successfully completed its capital raise through the warrants issue approved by shareholders 18 months ago. Malabar India Fund Limited ("Malabar") has supported our growth initiatives by exercising in full their option for acquisition of Equity shares on conversion of warrants.

Xpro has received the balance Rs.93.73 Crores being 75% of the warrant issue price from Malabar and upon exercise of their option to acquire equity shares, the Board of Directors of the Company on July 9, 2023 allotted 16,40,000 equity shares of Rs.10 each at a premium of Rs.752 each. As required under regulations and reported earlier, allotment of 8,20,000 bonus equity shares was also made to Malabar via capitalization of Rs. 82 lacs from the Securities Premium account.

Xpro's equity capital now stands at Rs.20.67 Crores comprising 2,06,72,244 equity shares of Rs. 10 each, with an amount of about Rs.123 Crores added to Securities Premium as a result of this allotment. As a consequence, the net worth of the Company and the book value per share both stand significantly increased since the close of the latest financial year.

The warrants issue has raised aggregate capital resources of about Rs 150 Crores since last year. This capital is being applied towards the stated objectives, growth being the central element. As also reported earlier, all of the significant debt reduction has been through operating cash generation.

Xpro India Limited had already announced its plans to grow organically and the intention to materially expand capacity by adding two new manufacturing lines for dielectric and other technical grades of biaxially oriented polypropylene film over the coming years. There is positive progress towards the schedule indicated earlier.

The expansion supports consolidation of our Indian first-mover advantage. Further, we hope to enhance valueadditions, boost exports, and achieve a globally worthy standing in state-of-the-art dielectric film capacity. Our technical merit and customer service arise from diligent and sustained organizational efforts with no external or collaboration inputs. This homegrown perspective inspires a sense of great pride in our Indian-centric selfsufficiency, which course we intend to persevere with.

The Company views the investment by Malabar to suggest commitment and confidence of the investor community to the performance and growth prospects of the Company. The Board and the management of Xpro India Limited remains committed to pursuing strategic and operational initiatives, supported by sound governance, that are intended to create value for all stakeholders.

Shares of Xpro India Limited was last trading in BSE at Rs. 870.10 as compared to the previous close of Rs. 843.55. The total number of shares traded during the day was 11086 in over 1331 trades.

The stock hit an intraday high of Rs. 874.00 and intraday low of 829.40. The net turnover during the day was Rs. 9483309.00.

Source : Equity Bulls

Keywords

XproIndia INE445C01015 ConvertibleWarrants WarrantsConversion MalabarIndiaFund FundRaising