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Stock Report
Gayatri Sugars Limited allots warrants, shares
Posted On : 2023-07-13 09:04:15( TIMEZONE : IST )
The Board of Directors of Gayatri Sugars Limited (BSE Scrip Code: 532183) has approved and passed following resolutions by circulation on dated July 12, 2023.
The board approved allotment of 3,38,00,000 convertible warrants at a price (i.e. the price including the Warrant subscription Price and the Warrant Exercise Price) of Rs. 10/- each ("Warrant Issue Price"), aggregating to Rs. 33,80,00,000 (Rupees Thirty-Three Crores Eighty Lakhs Only), on preferential basis to the non-Promoters of the Company pursuant to the In-Principal Approval granted by the BSE Limited (vide its Letter reference no. LOD/PREF/VK/FIP/280/ 2023-24 dated June 27, 2023).
The Company has received 25% of the Warrant Issue Price i.e. Rs. 2.50/- per each Warrant, aggregating to Rs. 8,45,00,000 (Rupees Eight Crores Forty Five Lakhs Only) ("Warrant Subscription Price").
The board approved allotment of 38,33,333 equity shares of face value of Rs.10/- each to as fully paid-up pursuant to the exercise of 38,33,333 convertible warrants (out of the 3,38,00,000 warrants issued) at a price of Rs.10/- per share (on receipt of excise price of Rs.7.50/- per warrant - being 75% of the balance warrant issue price), aggregating to Rs. 2,87,50,000/- to the Non-Promoters.
The board also approved allotment of 1,10,00,000 equity shares of face value of Rs.10/- each as fully paid-up on conversion of 6% - 1,10,00,000 Optionally Convertible Preference shares of Rs.10/- each to the Promoters and promoter Group.
Pursuant to Shareholders' Resolution dated 27.05.2023 and In-Principle approval received from the BSE Limited on 27.06.2023, the Company has offered in total 4,10,00,000 warrants to the Non-Promoter Group out of which 3,38,00,000 warrants were subscribed by the allottees leaving 72,00,000 warrants as unsubscribed.
Further, the Company has offered 1,12,47,023 shares on preferential basis to the promoter and promoter group by way of conversion of 1,12,47,023- 6% Optionally Convertible Preference shares of Rs.10/-each out of which 1,10,00,000 shares were subscribed by the allottees by leaving 2,47,023 shares were unsubscribed.
