Promoter Group Acquires Unlisted CCPS in Off Market Deal with Union Bank of India
Bharat Wire Ropes Ltd has seen its promoter group acquire a stake in the company through an off market transaction involving unlisted Compulsorily Convertible Preference Shares (CCPS). The shares were purchased from Union Bank of India (UK) Limited.M/s. Gyanshankar E-Trading LLP, representing the Promoter Group, acquired 3,782 unlisted CCPS from Union Bank of India (UK) Limited in the off market transaction.
This move comes as a backdrop to previous allocations made to consortium banks during the company's restructuring process. A total of 38,266 unlisted CCPS were previously allotted to a Consortium of Banks following the conversion of a loan amounting to Rs. 382.66 crores, in accordance with the sanction of the Resolution Plan by the banks in Fiscal Year (FY) 2020-21.
Regarding the transaction details provided, the acquisition of these shares does not result in any change to the company's total paid-up capital at this stage.
BHARATWIRE Stock Price Movement
As of 1:44 PM, shares of Bharat Wire Ropes Limited are edging higher to ₹216.97 as the stock gains 0.68% in live trading. The company has traded a total volume of 229,748 shares during the session so far.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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