Transteel Seating Technologies Allots 7,85,000 Equity Shares Upon Warrant Conversion
Transteel Seating Technologies Limited (formerly Transteel Seating Technologies Pvt.Ltd) announced that its fund-raising committee approved the allotment of equity shares resulting from the conversion of warrants. This tranche saw 7,85,000 warrants converted into an equal number of equity shares.The preferential allotment was made to the Non-Promoter/Public Category upon receipt of funds totaling Rs. 4,71,00,000/-. The new equity shares were issued at an issue price of Rs. 80/- each against a face value of Rs. 10/- per share. This allotment includes a premium of Rs. 70/- per share.
The transaction involved the conversion of 7,85,000 warrants allotted to Santosh Singhal for this specific tranche. The funds were received at a rate of Rs. 60/- per warrant, representing 75% of the issue price per warrant.
Key details regarding the allotment are summarized below:
| Name of Allottee | Number of Warrants Allotted | Number of Equity Shares Allotted | Amount Received (Rs.) |
|---|---|---|---|
| Santosh Singhal | 7,85,000 | 7,85,000 | 4,71,00,000 |
Following the conversion and equity share allotment, the issued and paid-up capital of Transteel Seating Technologies Limited increased to Rs. 23,66,70,100/-. This capital consists of a total of 2,36,67,010 equity shares, each with a face value of Rs. 10/-. The newly allotted equity shares rank pari-passu with existing company equity.
The company noted that there are a total of 13,31,500 warrants outstanding for conversion. Warrant holders are entitled to convert these warrants into an equal number of Equity Shares by paying the remaining 75% of the issue price, which is Rs. 60/- per warrant, within 18 months from the date of warrant allotment.
TRANSTEEL Stock Price Movement
Transteel Seating Technologies Limited edged higher in post-market trading today, closing at ₹119.00 after settling up by 0.29%. The stock traded within a solid intraday range, hitting a low of ₹117.00 and reaching a high of ₹121.00.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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