GTN Industries Allots Equity Shares on Preferential Basis, Redeems Preference Shares from Fresh Issue Proceeds
GTN Industries Ltd has completed the allotment of equity shares on a preferential basis and simultaneously redeemed a portion of its non-cumulative preference shares using the proceeds generated from this fresh equity issue.The company allotted 24,59,622 equity shares to non-promoter category investors at an issue price of Rs. 24/- per share, generating aggregate proceeds of Rs. 5,90,30,928/-.
Details regarding the outcome of the preferential allotment are provided below:
| Particulars | Details |
|---|---|
| Type of Issue | Preferential Issue of Equity |
| Total Shares Issued and Allotted | 24,59,622 |
| Issue Price per Share | Rs. 24/- (including a premium of Rs. 14/-) |
| Total Proceeds Aggregated | Rs. 5,90,30,928/- |
The subscription attracted seven investors who were allocated shares in this tranche. Key allottees include Rakesh Kalapala and Atluri Raja Babu, each receiving 6,00,000 shares. Other allotment recipients listed are Kollu Anantha Srinivasa Rao (4,00,000 shares), Manepalli V Gana Suresh (3,00,000 shares), Nandigam Abhishek (2,59,622 shares), Mohit Gurjar (2,00,000 shares), and Ramarao Talluri (1,00,000 shares).
Preference Share Redemption Details
In line with the fresh equity issue, GTN Industries Ltd redeemed 5,90,000 of its Non-Cumulative Redeemable Preference Shares. The preference shares were valued at Rs. 100/- each and accounted for a total redemption amount of Rs. 5,90,00,000/-.
The manner of the redemption was through the proceeds raised from the fresh issue of equity shares on a preferential basis.
A breakdown of the redeemed securities and their holders is as follows:
| Securities Type | Total Number Redeemed | Total Redemption Value |
|---|---|---|
| 0.01% Non Cumulative Redeemable Preference Shares | 5,90,000 | Rs. 5,90,00,000/- |
The preference shares were held by three entities: JEL Finance & Investments Ltd, Modesty Finance & Investments Pvt. Ltd, and GTN Engineering (India) Ltd.
Stock Price Movement
GTN Industries Ltd shares are edging higher at ₹24.03 as of 15:03, putting up 0.84% in early afternoon trading. The stock moved through its intraday range, with sellers testing down to ₹23.75 but showing resilience before the high of ₹25.25.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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