Lords Mark Industries Honoring Commitment to Times of India as Equity Conversion Proceeding Begins
Lord's Mark Industries Ltd has initiated steps toward listing and trading approval for 10,28,483 equity shares issued to Bennett Coleman and Company Limited (BCCL), also known as The Times of India. This move relates to the conversion of share entitlement under a Share Cum Warrant Subscription Agreement dated August 1, 2023.The development is noted by investors given that BCCL, a prominent media institution, sought to acquire this equity at Rs. 158 per share, which Lords Mark Industries Ltd has honored in line with the agreed terms and commitments made before the Delhi High Court.
The transaction allows BCCL (The Times of India) to hold 10,28,483 equity shares, as recorded under the subscription agreement. This represents a significant indicator for investors regarding confidence in Lord's Mark Industries Limited’s long-term strategy and its business fundamentals.
Lord's Mark Industries Ltd is a diversified company with operations across healthcare, diagnostics, MedTech, dialysis, renewable energy, and advanced medical technologies. The company continues to expand its footprint through product innovation and execution across these various sectors.
Sachidanand Upadhyay, Managing Director of Lords Mark Industries Limited, commented on the event, stating that the value of a company is reflected by the confidence shown by credible institutions. He noted that BCCL (The Times of India) sought its share entitlement at 7158 per share, and the company has honored its commitment. Upadhyay added that this reflects confidence in Lord's Mark’s long-term vision, business fundamentals, and growth potential.
In response to this milestone, Lords Mark Industries Limited has commenced the necessary procedures to obtain listing and trading approval from BSE Limited for the 10,28,483 equity shares issued to BCCL (Times of India). The company is taking all steps required to ensure timely completion of the listing process and commencement of trading.
Stock Price Movement
Lords Mark Industries Ltd shares settled at ₹66.15 on Monday, edging up 5.00% in the post-market session. The stock remained completely locked throughout the trading day as its high and low points were identical.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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