Himadri Speciality Chemical allots Convertible Warrants on Preferential Basis to Promoters and other Non-promoters

Himadri Speciality Chemical Limited (Himadri), a global speciality chemical conglomerate at its board meeting held today, has approved the allotment of warrants of the Company, on a preferential basis by way of a private placement to Promoters and other nonpromoter investors.

The board approved issuance of 1,08,47,000 warrants at an issue price of Rs 316 per warrant in cash for an aggregate consideration of Rs 342.77 crores. Each warrant carries a right to subscribe to one equity share of the company with a face value of Re 1 each, within a period of 18 months from the date of allotment.

1,00,00,000 warrants will be allotted to the Promoters and 8,47,000 warrants to the non-promoter investors.

Upon conversion and exercise of the warrants into equity shares of the Company, the shareholding of promoter & promoter group in the Company will increase by 0.82%, on a fully diluted basis.

The issue proceeds will be majorly utilised as a growth capital in all the new green field projects that Himadri have announced and are in pipeline like Cathode Active material manufacturing capex, turnaround of Birla Tyres along with the others including capital expenditure in its existing units and projects i.e. brown field expansion.

Shares of Himadri Speciality Chemical Limited was last trading in BSE at Rs. 318.20 as compared to the previous close of Rs. 318.55. The total number of shares traded during the day was 21695 in over 513 trades.

The stock hit an intraday high of Rs. 328.00 and intraday low of 305.60. The net turnover during the day was Rs. 6886846.00.

Source : Equity Bulls

Keywords

HimadriSpecialityChemical INE019C01026 FundRaising PreferentialIssue Warrants