Porwal Auto Components Ltd Approves Preferential Allotment of Equity Shares and Convertible Warrants
Porwal Auto Components Limited has announced the approval of a significant capital restructuring move involving the preferential allotment of equity shares and the issuance of convertible warrants. The Board of Directors finalized these approvals, following prior shareholder consent and in-principle approvals.The company allotted 17,54,384 fully paid-up Equity shares on a preferential basis to non-promoter investors. These shares were issued at an issue price of Rs. 57.00 per share, including a premium of Rs. 47.00 for non-promoter investors. The total aggregate amount received from these allotments amounted to Rs. 9,99,99,888/-.
Following this allotment, the issued, subscribed and paid up equity share capital of Porwal Auto Components Ltd was increased. It currently stands at Rs. 16,85,43,840, divided into 1,68,54,384 equity shares, each having a face value of Rs. 10/-.
In addition to the equity allotment, the company approved the issuance of 3,94,735 Convertible Warrants, which were allotted to promoter group shareholders. The warrants were issued at a price of Rs. 57.00 each and generated an upfront subscription payment aggregating to Rs. 56,24,973.75.
The allotment details and terms for both securities are summarized below:
| Securities Type | Number Allotted | Issue/Allotment Price | Total Consideration Received |
|---|---|---|---|
| Equity Shares | 17,54,384 | Rs. 57.00 per share | Rs. 9,99,99,888/- |
| Convertible Warrants | 3,94,735 | Rs. 57.00 per warrant | Rs. 56,24,973.75 |
The company noted that the warrants are valid for a period of 18 months from the date of allotment. Each convertible warrant is set to be exchanged or converted into one fully paid up equity share of face value Rs. 10/- upon payment of the balance consideration of Rs. 42.75 per warrant by the Allottees at the time of conversion.
Furthermore, the Board approved a proposal for obtaining an International Securities Identification Number (ISIN) for the Convertible Warrants and authorized designated officers to complete all necessary procedures with relevant authorities.
The investor details for both the equity shares and convertible warrants are provided in the following table:
| Investor Category | Total Securities Allotted |
|---|---|
| Equity Shares (Non-Promoters) | 17,54,384 |
| Convertible Warrants (Promoter Group) | 3,94,735 |
Stock Price Movement
Porwal Auto Components Ltd settled at ₹55.67 in post-market trading today, edging higher by 0.72%. The shares moved within an intraday range, hitting a low of ₹54.85 and peaking at ₹58.92.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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