Kavveri Defence Allots 1.85 Crore Equity Shares Upon Warrant Conversion

Kavveri Defence & Wireless Technologies Limited (formerly Kavveri Telecom Products Limited, CIN: L85110KA1996PLC019627, BSE: 590041, NSE: KAVDEFENCE) announced that its Board of Directors approved the allotment of 1,85,00,000 equity shares at Rs. 16 each (including Rs. 6 premium) following the conversion of an equal number of warrants from promoter, promoter group, and non-promoter categories.

The company received Rs. 22,20,00,000, representing 75% of the issue price per warrant, from 16 allottees including Uma Reddy C (27,50,000 shares), Chennareddy Rohit Reddy (22,50,000 shares), Ruma Reddy Chenna Reddy (22,20,000 shares), and others like Upendrakumar Narottamdas Shah HUF, Tej Doshi, and Jignesh Amrutlal Thobhani (each with significant holdings).

This preferential allotment increases the paid-up equity capital from Rs. 34,37,42,600 (3,43,74,260 shares of Rs. 10 each) to Rs. 52,87,42,600 (5,28,74,260 shares). Promoter Uma Reddy C's stake rises to 8.51%, with new promoter group entries at 4.26% and 4.20%.

Warrants, allotted on September 10, 2024, required 25% upfront (Rs. 4 per warrant) and balance 75% (Rs. 12) on conversion within 18 months, or they lapse with forfeiture.

Shares of Kavveri Defence & Wireless Technologies Limited was last trading in BSE at Rs. 65.03 as compared to the previous close of Rs. 61.94. The total number of shares traded during the day was 43161 in over 276 trades.

The stock hit an intraday high of Rs. 65.03 and intraday low of 61.90. The net turnover during the day was Rs. 2797301.00.

Source : Equity Bulls

Keywords

INE641C01019 KavveriDefenceandWirelessTechnologies TelecomEquipment