BCL Industries approves issuance of over 55 lakh convertible bonds at Rs 360

BCL Industries, an agro-based edible oil company, has approved the augmentation of financial resources of the company via funds raising. The company through an exchange filing said that the board has decided to issue and allot up to 55,83,334 fully convertible bonds/warrants of Rs 360 at a face value of Rs 10 each.

The warrants carry a right exercisable by the holder to subscribe. The company looks to aggregate Rs 201,00,00,240 through the convertible warrants, the filing said.

The warrants, according to an exchange filing by the company, may get listed on the exchanges in terms of Chapter V of SEBI (ICDR) Regulations.

As applicable, as be the rule, a SEBI registered external credit rating agency would be appointed as a monitoring agency to monitor the use of proceeds of the preferential issue.

The company also announced increasing the authorized share capital from Rs 25 crores to Rs 35 crores.

In another related development, BCL Industries board has decided to call the extra-ordinary general meeting on Thursday, February 9, to seek members' approval and constitute a fund raising committee for taking necessary decisions.

Meanwhile, shares of BCL Industries traded in green at Rs 412 apiece on NSE on Friday. The counter has gained over 30 percent in the last three trading sessions.