Rane Holdings Limited Allots Convertible Warrants Worth Rs. 10 Per Share to Promoter Group Members
Rane Holdings Limited has announced the allotment of 3,38,030 convertible warrants to members of the Promoter/Promoter Group of the company. The warrants have a face value of Rs. 10/- each and were allotted for cash upon receipt of the warrant subscription price.The Issue and Allotment Committee of the Board of Directors confirmed the allotment of these warrants, which are convertible into equivalent equity shares of face value of Rs. 10/- each, fully paid up. The allotment was conducted for the Promoter/Promoter Group members as detailed in Annexure A.
The subscription price for the warrants amounted to Rs. 295.83 per warrant. This represents 25% of the issue price, which is stated as Rs. 1,183.32/-. The allotted warrants are convertible into equity shares in one or more tranches at any time, provided the conversion takes place on or before the expiry of 18 months from the date of allotment.
The company disclosed that Ganesh L (joint holding with Meenakshi Ganesh) and Harish Lakshman, both identified as Promoters, received the warrants totaling 1,69,015 each. The subscription was fully subscribed.
A summary of the warrant issuance details is provided below:
| Detail | Value |
|---|---|
| Type of Issuance | Preferential allotment of warrants |
| Total Warrants Issued | 3,38,030 |
| Face Value Per Warrant | Rs. 10/- |
| Subscription Price Per Warrant | Rs. 295.83/ |
| Outcome of Subscription | Fully subscribed |
The warranted instruments are designed to be converted into equity shares upon application by the Promoters and payment of the balance 75% of the issue price, which is referred to as the Warrant Exercise price. This exercise must occur on or before the stipulated 18-month period.
RANEHOLDIN Stock Price Movement
As of 12:33 PM, shares of Rane Holdings Limited are edging higher to ₹1742.3, gaining ₹7.10 or 0.41% in trading this morning. The stock has seen active movement, having traded between a low of ₹1725 and a high of ₹1765 amid 4,555 shares exchanged 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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