North Eastern Carrying Corporation Sets Revised Equity Issue Price Following Shareholder Notice
North Eastern Carrying Corporation Limited has issued clarifications regarding its Postal Ballot Notice, detailing revisions to the issue price of equity shares and the corresponding adjustment for an outstanding loan amount.The company provided details concerning the calculation of the revised issue price, which is determined by comparing the volume weighted average price (VWAP) across two distinct periods.
According to the company, the issue price must be at least the higher of two calculated VWAPs:
- The volume weighted average price (VWAP) of Equity Shares during the 90 trading days preceding the relevant date was Rs. 15.18 per Equity Share.
- The VWAP during the 10 trading days preceding the relevant date was Rs. 14.08 per Equity Share.
Consequently, the revised issue price has been set at Rs. 15.18 per Equity Share, as this value is higher than the alternative calculation. This revised price has been updated in the corrigendum to the Postal Ballot Notice.
Revised Loan Conversion Details
Due to the rectification of the relevant date and the subsequent revision in the issue price, the consideration value and the outstanding loan amount proposed for conversion were revised.The company stated that the revised consideration amount is Rs. 6,83,10,000 (Rupees Six Crores Eighty Three Lakhs Ten Thousand Only). Similarly, the outstanding loan amount proposed to be adjusted or settled through the issuance of equity shares has been set at Rs. 6,83,10,000 (Rupees Six Crores Eighty Three Lakhs Ten Thousand Only).
This clarification details the updated figures regarding the equity shares transaction and the loan adjustment for the information of the company's shareholders.
NECCLTD Stock Price Movement
As of 10:51 AM, shares of North Eastern Carrying Corporation Limited are gaining ground in live trading, trading up 1.78% to ₹15.44. The stock is experiencing active market interest, with a reported volume of 14,992 shares.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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