Durlax Top Surface Details Subscription and Pricing Structure for Preferential Issue of Convertible Warrants
Durlax Top Surface Limited has outlined the subscription terms and valuation details related to its proposed preferential issue of convertible warrants. The company provided clarifications regarding the payment schedule for the warrants and confirmed that the issue price remains stable despite slight variances in market price computations.The issuance involves a structured payment timeline for the warrant holders. Initially, 25% of the total warrant subscription amount is set to be received by the company within 15 days following the receipt of in-principle approval from the Stock Exchange(s).
The remaining balance of 75% of the warrant subscription amount will be received over a period of up to 18 months, commencing from the date of allotment of the warrants. Since the reception of this final tranche is dependent on the exercise of conversion rights by the warrant holders, the company indicated that it cannot specify a definitive timeline for these funds.
The proceeds derived from the issuance are scheduled to be utilized within a period of 12 months following the respective dates of receipt of such funds.
Valuation and Issue Price Confirmation
In relation to the warrants, the company reviewed the valuation report provided by an Independent Valuer. The company computed the 90 trading days volume weighted average price (VWAP) for its Equity Shares at Rs. 45.67/- per share. However, the National Stock Exchange (NSE) calculated this 90 trading days VWAP at Rs. 45.69/- per share.The company noted that the minor difference between the two computations is attributable solely to rounding and does not affect the minimum price established according to the applicable regulations. Consequently, the issue price of the convertible warrants remains unchanged.
Financial details related to the warrant issuance are summarized below:
| Metric | Company Computation | NSE Computation |
|---|---|---|
| 90 Trading Days VWAP (Equity Shares) | Rs. 45.67/- per share | Rs. 45.69/- per share |
DURLAX Stock Price Movement
Shares of Durlax Top Surface Limited today slipped by 4.95% to settle at ₹50.85 in post-market trading. The stock traded a total volume of 106,000 shares during the session.Disclaimer: Due care and diligence have been taken in compiling and presenting news and market-related content. However, errors or omissions may arise despite such efforts.
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