Kintech Renewables Limited to issue shares, warrants at Rs. 5000 to marquee investors

The Board of Directors of Kintech Renewables Limited, at its meeting held today i.e., Saturday, September 23, 2023, has approved the increase and alteration of the Authorized Share Capital of the Company from ₹6,00,00,000 /- (Rupees Six Crore Only) divided into 60,00,000 (Sixty Lakh) Equity Shares of ₹10/- each to ₹15,00,00,000/- (Rupees Fifteen Crore Only) divided into 1,50,00,000 (One Crore Fifty Lacs Only) Equity Shares of ₹10/- each.

Such increase and alteration in the Authorized Share Capital of the Company will require consequent amendment in the Capital Clause (Clause V) of Memorandum of Association of the Company, subject to approval of the shareholders' of the Company.

The board also considered and approved the Issue and allotment of upto 15,77,000 (Fifteen Lakhs Seventy Seven Thousand) Equity Shares of face value of ₹10/- each to persons belonging to Non-Promoter Category, on preferential basis, at an issue price of ₹5000/- per share (including premium of ₹4990/- per share) in accordance with provisions of Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018 and applicable provisions of Companies Act, 2013, as amended and rules made thereunder aggregating to ₹788,50,00,000/- for cash and upto 7,23,000 (Seven Lakh and Twenty-Three Thousand) Fully Convertible Warrants ('Warrants') carrying a right exercisable by the Warrant holder to subscribe to one Equity Share per Warrant, to persons belonging to NonPromoter Category, on preferential basis, at an issue price of ₹5000/- per warrant (including premium of ₹4990/- per warrant) in accordance with provisions of Chapter V of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018, as amended and applicable provisions of Companies Act, 2013 and rules made thereunder aggregating to ₹361,50,00,000/-for cash, subject to shareholders' approval.

Shares of Kintech Renewables Ltd was last trading in BSE at Rs. 5321.20 as compared to the previous close of Rs. 5216.90. The total number of shares traded during the day was 83 in over 6 trades.

The stock hit an intraday high of Rs. 5321.20 and intraday low of 5321.20. The net turnover during the day was Rs. 441659.00.

Source : Equity Bulls

Keywords

KintechRenewables INE385F01016 FundRaising EquityShares ConvertibleWarrants NonPromoter VallabhBhanshali MadhuKela MukulAgarwal