Ganesh Benzoplast Ltd allots 17 lakh shares to Malabar India Fund Ltd

The Allotment Committee of the Board of Directors ("Board") of Ganesh Benzoplast Limited (GBL) at their meeting held today i.e. Friday, January 12, 2024, have approved the allotment of 17,00,000 (Seventeen Lac only) equity shares having face value of Re. 1/- (Rupee One) each fully paid-up ("Equity Shares") of the Company to Malabar India Fund Limited - the Qualified Institutional Buyer belong to Non-Promoter Category ("QIB Allottee") on preferential basis at a price of Rs.160/- (Rupees One Hundred Sixty Only) per share including premium of Rs.159/- (Rupees One Hundred Fifty Nine Only) per share, as determined by the Board in accordance with the pricing guidelines prescribed under Regulation 164(4) of the ICDR Regulations, 2018 at an aggregate consideration of Rs. 27,20,00,000/- (Rupees Twenty-Seven Crores Twenty Lac Only) in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

The board approved allotment of 1,80,000 (One Lac Eighty Thousand only) equity shares having face value of Re. 1/- (Rupee One) each fully paid-up ("Equity Shares") of the Company to Susram Financial Services and Realty Private Limited - Promoter Group Company ("Promoter Allottee") on preferential basis at a price of Rs. 175/- (Rupees One hundred Seventy-Five Only) per share including premium of Rs.174/- (Rupees One Hundred SeventyFour Only) per share as determined by the Board in accordance with the pricing guidelines prescribed under Regulation 164(1) of the ICDR Regulations, 2018 at an aggregate consideration of Rs. 3,15,00,000/- (Rupees Three Crores Fifteen Lac Only) in accordance with the provisions of SEBI (Issue of Capital and Disclosure Requirements) Regulations, 2018.

Consequently, the issued, subscribed and paid-up equity share capital of the Company stands increased to Rs. 6,99,89,421 (divided into 6,99,89,421 equity shares of Re. 1/- each) from Rs. 6,81,09,421 (divided into 6,81,09,421 equity shares of Re. 1/- each). The Equity Shares allotted on preferential basis shall rank pari passu with the existing equity shares of the Company in all respects.

Shares of GANESH BENZOPLAST LTD. was last trading in BSE at Rs. 152.20 as compared to the previous close of Rs. 150.10. The total number of shares traded during the day was 36927 in over 652 trades.

The stock hit an intraday high of Rs. 155.25 and intraday low of 148.65. The net turnover during the day was Rs. 5558177.00.

Source : Equity Bulls

Keywords

GANESHBENZOPLAST INE388A01029 FundRaising QIB MalabarIndiaFund