Swastika Investmart Ltd Announces Preferential Allotment of Convertible Warrants Worth Up To Rs 57.59 Crore
Swastika Investmart Limited has announced a preferential allotment involving the issuance of Convertible Warrants, with the total issue size aggregating up to Rs 57,59,42,000/- (Rupees Fifty-Seven Crores Fifty-Nine Lakhs Forty-Two Thousand Only). The warrants are convertible into an equivalent number of equity shares of the company.The allotment concerns a maximum of 90,50,000 warrants, each having a face value of Rs 2/- (Rupee Two Only) and being issued at a price of Rs 63.64/- (Rupees Sixty-Three and Sixty-Four Paisa only).
The issuance is carried out as a preferential allotment in accordance with the provisions of the Companies Act, 2013, and SEBI regulations. The warrants are designed to be convertible into equity shares within a period of eighteen months from the date of allotment.
Under the terms of the warrant issue, 25% of the consideration must be paid at the time of subscription and allotment. The remaining 75% of the consideration is payable upon the exercise of options against each warrant. In the event that a Proposed Allottee does not exercise the option for Equity Shares within the eighteen-month period, the unexercised Warrants will lapse, and the consideration paid by the Proposed Allottee will be forfeited by the Company.
The preferential allotment saw participation from various investor groups, including promoters and non-promoter groups.
Key details of the proposed allocation to investors are presented below:
| Investor Group | Number of Warrants Allotted | Total Consideration Amount (in Rs) |
|---|---|---|
| Promoter Group (Mr. Sunil Nyati, Mrs. Anita Nyati, Mr. Parth Nyati, and Mr. Devashish Nyati) | 21,00,000 | 10,76,54,000 |
| Non-Promoter Group (Intelliquity Ventures LLP, Valueworth Advisors LLP, and others) | 1,38,30,000 | 8,93,72,000 |
The allotment saw participation from promoter groups, such as Mr. Sunil Nyati, Mrs. Anita Nyati, Mr. Parth Nyati, and Mr. Devashish Nyati. Additionally, non-promoter group investors included Intelliquity Ventures LLP and Valueworth Advisors LLP.
Of the total issues, each warrant is convertible into an equivalent number of Equity Shares within a period of eighteen months from the date of allotment.
Stock Price Movement
Swastika Investmart Ltd shares settled at ₹117.13, climbing nearly 10% to close the market today. The stock navigated a range during the trading session, moving between an intraday low of ₹103.00 and the final price of ₹117.13.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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