BCL Industries approves conversion of warrants - Details

BCL Industries has informed exchanges that its board has approved the allotment of 1.18 crore shares upon the conversion of warrants.

"The board has considered and approved the allotment of 1,18,13,340 shares of the face value of Re 1 each as fully paid-up shares at a price of Rs 36 per equity share (including premium of Rs 35 share) consequent upon the conversion of 11,81,334 Warrants issued earlier for Rs 360, after adjusting the number of shares post 10:1 sub-division," it said.

Earlier, BCL Industries approved the allotment of 6,00,000 equity shares with a face value of Re 1 each as fully paid-up shares at a price of Rs 36 per share.

The company had issued a total of 54,66,334 warrants in March 2023 at an issue price of Rs 360 apiece.

These warrants were allotted on March 4, 2023 carrying a right to subscribe to one equity share per warrant on receipt of amount at the rate of Rs 90 per warrant (being 25 per cent of the issue price per warrant).