Garg Furnace Limited allots 28 lakh warrants

Pursuant to the approval of the Board of Directors of Garg Furnace Limited at its meeting held on December 19, 2023, and approval of the members of the Company at their Extra-Ordinary General Meeting held on January 15, 2024, and pursuant to Inprinciple approvals granted by BSE Limited vide their respective letter dated February 05, 2024 and upon receipt of an amount aggregating to Rs. 13,65,00,000 (Rupees Thirteen Crores Sixty-Five Lakhs only) at the rate of Rs. 48.75/- per warrant (being 25% of the issue price per warrant) as warrant subscription price, the Board of Directors of the Company at their meeting held on Monday, February 19, 2024 at its Registered Office situated at Kanganwal Road, V.P.O. Jugiana, G T. Road, Ludhiana- 141120, has considered and approved the allotment of 28,00,000 (Twenty-Eight Lakhs only) warrants on preferential basis at an issue price [including the warrant subscription price (Rs. 48.75/- per warrant) and the warrant exercise price (Rs 146.25/- per warrant)] of Rs. 195/- each (Rupees One Hundred NinetyFive only) aggregating to Rs. 54,60,00,000/- (Rupees Fifty-Four Crores Sixty Lakhs Only) to person belonging to Promoter of the Company and to certain other non-promoter persons/ entities ('Allottees').

Each of the Warrant, so allotted, is convertible into or exchangeable for one fully paid-up equity share of face value of Re. 10/- (Rupee Ten only) of the Company in accordance with the provisions of Securities and Exchange Board of India (Issue of Capital and Disclosure Requirements) Regulations, 2018, on payment of the balance consideration of Rs. 146.25/- per warrant (being 75% of the issue price per warrant) from the Allottees at the time of allotment of equity shares pursuant to exercise of conversion option against each such warrant.

The allottees are:

Davinder Garg (Promoter) - 700000
Vaneera Garg (Promoter) - 700000
Toshak Garg (Promoter) - 400000
Daksh Garg (Promoter) - 400000
Sangeeta Pareekh (Non - Promoter) - 300000
BGP 11 Analytics Private Limited (Non - Promoter) - 300000.

Shares of GARG FURNACE LTD. was last trading in BSE at Rs. 335.20 as compared to the previous close of Rs. 328.65. The total number of shares traded during the day was 2364 in over 16 trades.

The stock hit an intraday high of Rs. 335.20 and intraday low of 335.20. The net turnover during the day was Rs. 792412.00.

Source : Equity Bulls

Keywords

GARGFURNACE INE194E01015 PreferentialIssue ConvertibleWarrants Promoter NonPromoter